How to fulfill FATCA and CRS (Common Reporting Standard) requirements.
Financial institutions struggle to keep pace with evolving international tax regulations and maintain compliance with growing and complex reporting obligations. With the Foreign Account Tax Compliance Act (FATCA), the U.S. government aims at the disclosure of assets of taxable U.S. citizens in financial service providers abroad. Thus, all Financial institutions are required to follow specific procedures for all, new and old, customers in order to execute a historical research data and report back to IRS, directly or in-directly through the correspondence banks.
Printec and FICO TONBELLER offering provides financial institutions with a solution that enables a maximum automated workflow and a secure support for managing different incidents. FATCA-related data can be forwarded to the IRS and to national authorities in full compliance with data-protection regulations.
All CRS and FATCA related data can be forwarded to national or international authorities in full compliance with data-protection regulations.
Take advantage of intelligent analysis.
Use your tools to classify natural and legal persons (reportable, non-reportable account) and detect changes in the customer‘s environment (Change of Circumstances).
Siron®TCR implements the FATCA and CRS requirements efficiently and integrates easily with customer acceptance procedures and customer base analysis. While FATCA is intended for identification of US citizens CRS scope is to indentify and exchange the fiscal-residence with all the countries which signed the agreement of AEOI (Automatic Exchange of Information).
FICO TONBELLER‘s tax compliance solution offers extensive, automated workflow to fulfill FATCA and CRS (Common Reporting Standard) requirements and provides a flexible basis to meet changing future needs quickly and easily.