Foreign Account Tax Compliance Act (FATCA) Readiness Assessment

How many US customers do you have?

US FATCA regulations signed into law in 2010 require Foreign Financial Institutions to classify their (US) customers under U.S. tax principles. FATCA creates the need for financial institutions to gather sensitive client data to identify accounts for the purpose of reporting and monitoring data provided to the US Internal Revenue Service.

Organizations will have to examine and –if necessary - obtain information such as U.S. Tax Status, U.S. Citizen/Residence Status, Place of Birth and account details. Account balances may also be used to determine certain thresholds and for reporting to U.S. accounts. Industry classification codes and ownership hierarchies may also be used to correctly classify organizations, entities and individuals.


Failure to comply will be costly and could result in a 30% withholding on taxable Payments, including U.S. source investment income, including dividends, interest and royalties, and gross proceeds from the disposition of property that could produce U.S. source dividends or interest.


South African companies need to balance the need to report on non-compliant US account holders with the need to protect customer privacy in terms of the Protection of personal Information act. This may require financial insititutions to consolidate customer and account information in order to enusre that customers meet minimu thresholds for reporting.


In addition, SARS FATCA reporting requires address data to be broken into granular address fields - such as house number street name, street type and so on. How much weffort is required to do this, across all your systems.


Assess FATCA Readiness in weeks


The FATCA Readiensss Asessment uses off the shelf technology, with comperehensive name and address rules, to quickly measure the complinace of key FATCA indicia to FATCA requirements. In the longer term, our rules can be used to quickly and consistently convert free foramt address daat to SARS reporting formats.


Our approach leverages a platform that is purpose-built to develop the broad based data management services required to support data quality, alignment and production of correct information views to satisfy regulatory reporting requirements. The platform is pre-populated with rules templates that enable the automated assessment, measurement and monitoring of key data elements and metrics that are generated for FATCA reporting. The process leverages over two decades of experience supporting the complex requirements of data management across a global enterprise. The Trillium solution readily discovers ‘unknown’ issues and presents findings in ways that enable business understanding and facilitates transparency in regulatory reporting.

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