27 Feb FATCA: Cinderella’s Slipper – Make Sure the Format Fits
In 2014, Singapore entered into an International Agreement with the United States for FATCA reporting in order to help Singapore-based FIs manage their FATCA compliance burden.
However, beginning April 1, 2020, all reporting FIs in Singapore must submit their FATCA reports through the Inland Revenue Authority of Singapore (IRAS) myTax portal system instead of through the International Data Exchange Service (IDES) portal. With a maximum file size of 5MB, FIs may need to split their FATCA report uploads – the first time this type of requirement has been applied to FATCA reporting anywhere in the world.
Additionally, refiling and data/report corrections must now be reported via two different systems with two disparate sets of requirements – to IDES for reports submitted prior to 2020, and to IRAS for submissions done in 2020 and beyond.
FIs are grappling with extracting and aggregating data from multiple sources and reporting to systems with different requirements in a new format. Therefore, they must make sure that their format fits the requirement as easily as Cinderella’s slipper fits her foot.
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 according to FATCA filtration and 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 – seamlessly accommodating each jurisdiction’s requirements and engendering confidence in regulatory compliance.