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Tax compliance - FATCA

The Challenges

In 2014, the U.S. Foreign Accounts Tax Compliance Act (FATCA) went into effect, transforming the way financial institutions are now required to track and report on their clients’ financial assets. With the responsibility of reporting now in the hands of FIs across the globe, FATCA has added another complex layer of compliance and reporting requirements to the financial sector – with serious repercussions for noncompliance. For many institutions, FATCA has posed a cumbersome, time-consuming challenge, and the failure to adapt can be particularly costly.

The Solution

en.SafeWatch FATCA is a modern, flexible solution to the challenges of FATCA compliance, allowing financial institutions to easily gather the information required by the U.S. Internal Revenue Services. This web-based solution simplifies the process not only of gathering information and capture data, but also of monitoring accounts for any changes. Rapidly and seamlessly deployable, en.SafeWatch FATCA boasts robust reporting capabilities, and is updated on an ongoing basis in order to ensure continuous compliance.

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KEY FEATURES

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Comply with (FATCA) through a modern, flexible approach to gathering the required information and monitoring changes.
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Monitor and manage account and customer levels.
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Practical tools for customer and account classification.
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Centralize all data from various core systems.
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Robust Reporting.
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Generate all IRS regulatory reports easily and sufficiently.

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