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FATCA Overview
AxiomSL, a global leader in regulatory compliance and risk management solutions for over 20 years, provides a data driven compliance platform, which empowers financial institutions to meet their FATCA regulatory requirements with confidence. AxiomSL’s data management framework assesses clients’ records creating a centralized client data repository to enrich clients’ data records, monitor internal data procedures, streamline controls & processes and provides the foundations for preparing for future regulations. This integrated solution addresses the FATCA requirements in the areas of client classification and reporting.
The centralization of data on a single platform and the automation of the compliance process delivers a simple, cost effective and scalable solution, which collects, analyzes, monitors, audits and validates data and then reports from thousands of client records. AxiomSL’s FATCA solution is easy to install at the core of your system infrastructure without any data conversion, allowing you to be FATCA compliant with a full audit trail ensuring traceability of every process.
FATCA & CRS Solution
FATCA Benefits
Flexible and comprehensive Reporting Solution that provides end-to-end support on multiple regulatory reporting requirements
Allows integration of Client specific logic, configuration and definition on rules for specific jurisdiction
Supports multiple platforms
Transparency allowing clients to see the logic applied to data behind every step of the process
Automate and track updates of metadata, dictionaries and documentation
Single framework for monitoring and reporting (large volume) globally
FATCA Features
Single Platform that provides transparency, auditability, automation and integration thus promoting collaboration across business functions with the greatest level of efficiency.
Experience – Leading global solution provider with 26 years of history in regulatory reporting, capable of handling various reporting requirements through state-of-the-art technology
One-Stop Modular Solution – Data Management, Client Classification, Reporting
Hassle Free – No data transformation requirements – flexible data model
In-House Team of Experts – Keeping up-to-date with the evolving regulations and ensuring the solution remains compliant and providing post-live support
Ease of Reporting – Simple interface to streamline reporting across multiple jurisdictions, entities and business units
Client Classification – Identify clients efficiently and perform accurate and on-time due diligence
Flexible – Able to implement last-minute changes based on regulatory requirements
FATCA Background
The burden of complying with the FATCA regulations has fallen on most participants in financial services industry across the globe who now have to undertake enhanced client due diligence and reporting to the IRS or their local tax authorities.
FATCA presents unique challenges to financial institutions, namely:
IT
Extracting and aggregating data from multiple sources in different formats
Need for flexibility in reporting systems and processes to adapt to new regulation requirements
Generating XML reports satisfying every reporting jurisdictions
Adapting the FATCA solution to the changing internal systems landscape
Technical challenges on encryption and data security concern
Compliance
Understanding, managing, and monitoring of different FATCA reporting requirements based on local jurisdiction
Identifying clients efficiently and performing accurate and on-time due diligence
Reporting
Generation of reports for jurisdictions where schemas differs from the standard