Regulatory Change Management

BANKING GOVERNANCE, RISK & COMPLIANCE MANAGEMENT

Managing FATCA Compliance Processes Through Software Automation

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WHAT IS FATCA?

The Foreign Account Tax Compliance Act (“FATCA”) is intended to reduce levels of tax avoidance by citizens of the U.S. and entities via foreign financial institutions (“FFIs”).

FACTA Went into effect on July 1, 2014

The intention of FATCA is to identify U.S. citizens responsible for paying U.S. taxes, however, are utilizing non-U.S. financial institutions and accounts offshore in order to avoid such tax requirements.

FATCA has required a tremendous amount of human capital, attention from institutions and has significantly impacted the compliance processes, as the requirements are quite complex and onerous.

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FATCA COMPLIANCE CHALLENGES

The Foreign Account Tax Compliance Act targets tax noncompliance of US taxpayers with foreign accounts.

Specifically, FATCA focuses on reporting:

US taxpayers on certain foreign financial accounts and offshore assets

Foreign financial institutions on financial accounts held by US taxpayers for foreign entities in which US taxpayers hold a substantial ownership interest.

FATCA obliges banks and money related organizations worldwide to submit complete and point by point data on their clients to the US tax authority (IRS).

Regulatory Change Management

SOLUTION

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HOW CAN YOU AUTOMATE YOUR FATCA COMPLIANCE PROCESSES?

360Factors with its flagship product Predict360 enables your company to effectively handle the complexities and prerequisites of FATCA by:

Decreasing human capital compliance costs

Automation of the process

Increasing accountability

Increase oversight to ensure your organization is compliant with the regulatory requirements

Our framework permits you to archive the needed due diligence for your customers to arrange account holders as either U.S. on the other hand non-U.S., reporting the 30% withholding in U.S. taxes when people neglect to give the fitting documentation or while working with non-compliant companies or individuals, and handle every single reporting prerequisite for the IRS.

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THE ULTIMATE BANKING GRC MANAGEMENT SYSTEM

• Make you 100% Compliant with Regulatory Changes

• Properly Document Processes

• Assist you in Saving Resources & Time of Your Compliance Officers

• Ultimately Increase Profitability & Oversight

• Decrease Regulatory Risks & Fines

Read more about our FATCA Compliance Management Software

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WHY IMPLEMENT BANKING GRC MANAGEMENT SYSTEM

Understanding Regulations

Regulatory / Standards Change Management

Internal Corporate standards

Day to Day Compliance Tasking

Event-Driven Compliance Tasking

Predictive Risk Analysis Corrective and Preventive Actions Policy and Procedure Management Risk Management Management Training Management Multiple Tools to address Reg.

Compliance

Other Industry Pain Points

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Source: Global survey by KPMG, Inc

BENEFITS OF AN INTEGRATED MANAGEMENT SYSTEM

AUTOMATE REGULATORY COMPLIANCE THROUGH

SOFTWARE

Regulatory Change Management

Predict360 REGULATORY COMPLIANCE

ARCHITECTURE

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WANT TO KNOW MORE?

Checkout full details on our FATCA Compliance Management Software page!

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