Offered as a Standalone Installation or as an add-on Feature Pack to the normal en.SafeWatch Profiling solution by EastNets, the en.SafeWatch FATCA is also being developed to meet other countries’ taxation laws in the future, aside from supporting tax evasion regulations in the US.
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The company claims that en.SafeWatch FATCA will assist FFIs by gathering required information on their customer base and in the process discovering any missing information about customers.
It will also provide the necessary scenarios to categorize and segment customer details, in effect identifying their eligibility to the FATCA.
The company added that its new solution also logs and keeps track of changes on customer data meeting the US indicia, automatically keeping FFIs alerted for indicia changes.
Hazem Mulhim, CEO EastNets, said: "The en.SafeWatch FATCA has been developed to provide a practical and easy-to-use solution for financial institutions to comply with the US Foreign Accounts Tax Compliance Act. en.SafeWatch FATCA provides a unified solution to address the new challenges without burdening financial institutions with substantial upfront technology investments. Moreover, en.SafeWatch FATCA has been optimized for ease-of-use, as it does not require advanced IT expertise to be configured."
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By GlobalDataThe US Foreign Accounts Tax Compliance Act (FATCA), which was signed in March 2010 with an effective date of January 1, 2013, is part of expanding efforts by the US Government to combat tax evasion.
