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.
AxiomSL’s continual surveillance, interpretation and updates of regulatory changes enables FIs to comply with confidence across a complex, nuanced FATCA and CRS landscape
Detailed audit-trail functionality dynamically tracks changes to metadata, dictionaries, and documentation for business process management efficiency and audit defense
Pervasive transparency enables users to see logic applied giving FIs control and internal business clarity
Transparent, data-dictionary-powered data management approach provides FIs a solid foundation to steadily whittle down undocumented accounts, improve data quality, and derive business intelligence from having access to customer account data on a single platform
Flexible, comprehensive end-to-end single framework for FATCA and CRS compliance enables FIs to meet complex reporting requirements with data consistency while reducing total cost of ownership (TCO) and strengthening auditability
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