To combat tax evasion, U.S. Foreign Authority Tax Compliance Act (FATCA) regulations have significantly increased tax compliance complexity for financial institutions (FI) with deposit taking, wealth management, and custody footprints worldwide. FIs must perform enhanced customer-account due-diligence and report to the U.S. Internal Revenue Service (IRS) or to their local tax authorities.
FATCA reporting encompasses onshore and offshore reporting obligations and requires FIs to comply with Inter-Governmental Agreement (IGA) reporting formats including IGA1 and IGA2 and is separate from similar obligations FIs may have under the Common Reporting Standard (CRS).
AxiomSL’s data- driven, automated, scalable solution on ControllerView empowers FIs to meet their FATCA compliance requirements and manage CRS reporting on a single platform.
Powered by TaxView, AxiomSL’s extensible data-dictionary methodology, the solution’s eligibility engine enables FIs to map volumes of diverse source data from across silos to FATCA classification specifications.
Deployable on-premises or via AxiomSL’s secure RegCloud, the solution’s inherent data and process transparency and dashboard accessibility enable FIs to monitor, analyze, validate, and sign-off on submissions that accommodate each jurisdiction’s requirements.