Overview
With the US mandate of all correspondent banks for the FATCA compliance, banks have become hard-pressed to revisit their customer base, account movements & transactions, comply with existing FATCA indicia parameters and maintain a periodical standard reporting platform for FATCA compliance. FATCAPlus offers banks a lightweight, robust and flexible solution for FATCA reporting compliance with prebuilt data integration & validation measures with existing bank systems, its own data model for FATCA-compliant due diligence information standards, prebuilt reporting as per US-IRS standards, and built-in workflow follow-up and escalation functionality.
Key Features
Maintenance of CIF information (individuals and entities) together with FATCA information
Reporting to IRS, escalation, and alerts if changes in Customer FATCA indicia
Audit and document management
History records keeping for suspects, remediation, and recalcitrant customers
Full parameterization control of all business areas
System Administration (users setup, users privileges, maker—checker)
Key Benefits
FATCA Indicia Parameters
Fully FATCA Compliant
Case Management