TAX REPORTING & COMPLIANCE (TRAC) FOR FATCA & CRS (AEOI)

A solution that enables banks to comply with FATCA and AEOI/CRS regulations

The Foreign Account Tax Compliance Act (FATCA) and the Automatic Exchange of Information (AEOI) regulations place a heavy burden on firms to enhance their processes for collecting and reporting client information. With Tax Information Reporting continuing to be a significant overhead, Dion offers a flexible approach to reporting requirements.

TRAC is the comprehensive solution for FATCA and AEOI compliance. Built and supported by an experienced team, the solution is available in a modular form which can be configured to be operated under a number of “regulatory models”. TRAC can handle the IRS FATCA regulations, Model 1 and 2 IGAs, Common Reporting Standard (CRS) and other similar regulatory reporting requirements. In addition, it is multi-entity, allowing it to be deployed as a centralised global or regional compliance solution.

Dion’s TRAC solution is easily integrated with existing systems and it has been built using Dion’s technical business process engine, X-Gen. The solution is being used in financial institutions across the globe, ranging from Tier 1 institutions to local banks. TRAC has been deployed to provide FATCA compliance reporting in over 80 different jurisdictions.

Features


Data integration and management tools to extract, cleanse, merge and import data from the firm’s KYC source and/or core systems.

Client identification and classification utilising an in-built rules engine configured to comply with the specific regulatory requirements.

Client remediation and certification including an automated case management/workflow tool to efficiently manage the client out-reach process.

Reporting to the IRS, fiscal authorities, clients and MIS including report production governance, encryption/decryption and submission.

Benefits


Compliance

  • Meet FATCA and AEOI/CRS regulatory requirements.
  • Audit log and traceability.
  • Four eyes principle on Classification and Reporting.
  • Adheres to global standard on access security for users.
  • Secure transmission of information.

Operational efficiency

  • Capturing and validating information.
  • Submit fiscal reports in any format.
  • SLA reminders on on-going cases.
  • Manual or automatic assignment and tracking of on-going cases.
  • Easy monitoring and ability to prove compliance

Reduce cost

  • Centralised group function to remediate, classify and report customers.
  • Centrally implemented solution that supports regional remediation, classification and reporting teams.
  • Ability to use collected data for other reporting requirements.

Scalable infrastructure

  • Centralised solution with ability to handle data secrecy jurisdiction.
  • Adaptability for future changes in the regulations.
  • Ease of data integration with multiple data sources, existing and new.
  • Rules driven handling of change in circumstances.

Tax Newsletter, July 2017

To download our brochure or for more insight into our solution, write to us at connect@dionglobal.com

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