OneSumX FATCA comes with a full range of audit tools, the ability to re-run historical reports, and the ability for firms to tailor their own management reporting as required.
Financial institutions will need to report FATCA data for calendar year 2014 as per January 1st, 2015. In order to do this, they need to have on record the amounts paid to certain U.S. tax liable account holders. That means FATCA for many firms has already begun.
The information that needs to be collected may appear to be reasonably straight forward. This includes account holders’ names and addresses, account numbers, account balances, gross payments made, and identification information. But as is the case with much statutory and regulatory reporting, specifying what needs to be reported is the easy part, actually gathering the information in a way that is compliant with the legislation is more difficult.
FATCA compliance involves a thorough review of information on customer status and for most institutions, a degree of data cleansing. Foreign Financial Institutions (FFIs) will need to ensure they can properly identify U.S. persons, and in the case where accounts are held by non-financial foreign entities (NFFEs) that none of the controlling persons (over 10% of ownership) are U.S citizens or residents.
With OneSumX FATCA, Wolters Kluwer Financial Services have developed an efficient and effective flexible solution to help firms meet their FATCA obligations.
Our solution is based on our tried and tested central data model and is designed to work together with our regulation, risk and accounting offerings. As such it already has industry leading security, control and audit features included as standard.
OneSumX FATCA is modular and can be used standalone, or as an additional part of our finance, risk and compliance suite. Our FATCA solution can evaluate financial institutions’ customers and their accounts against the full range of criteria specified by the IRS to determine if a customer is eligible for reporting. The system will also record and store for each customer the specific criteria used to accept or reject eligibility.
A critical element of FATCA compliance is assessing if grandfathered debt securities lose their exempt status as a result of material modifications.
Learn more about FATCA Grandfathered Debt.