The Foreign Account Tax Compliance Act (FATCA) will have an impact on financial
services firms stretching far beyond the obvious tax and reporting obligations and
will require major changes in technology, operations, customer interaction and procedures.
Working against an aggressive timeframe, firms now have the daunting task of becoming
FATCA compliant. They need to manage a complex process from understanding the regulations,
determining the strategy, programme and controls for achieving compliance, and undertaking
assessments of their compliance readiness through to actual certification and implementation.
FATCA FORCE is a complete FATCA project monitoring solution from the point of project
commencement to eventual full FATCA compliance. This includes integrated task management,
escalation procedures and documentation for audit and compliance purposes.
FORCE provides for a one-off, or a repeatable operational readiness check reflecting
all relevant IRS checkpoints and milestones as well as any preparatory steps required
to ensure eventual compliance. Using a predefined set of controls, FORCE integrates
with KYC systems, core processing systems and Dion’s FATCA TRAC to provide integrated
statistical reporting with up-to-date information on the implementation status,
case management activity and the latest details on statuses of clients that can
verify and monitor your master data.
- One view of compliance status for the entire organization.
- Reduced time to plan FATCA implementation.
- FORCE comes complete with a list of IRS FATCA relevant templates and checkpoints.
- Issue management.
- Records activities and results of the due-diligence process.
- Future-proof to be able to be adapted for future changes from the IRS and similar
initiatives from other global tax bodies.
- Seamlessly integrated with FATCA TRAC.