The FATCA TRAC Indicia Check Service has been built with Dion’s partner Mahindra Satyam and it performs the required US indicia checks by taking a full or sub-set of client data, either in a pre-defined format or a format of the firm’s choice.
The analyzed data will then be provided to the firm as dashboards, offering visualizations of client categories and results, enabling firms to go into specific account details and interrogate any US indicia found.
Additionally, watch-lists and activity lists for accounts with US indicia are also produced for account, client and relationship managers to take any necessary remediation, which can then be used by the firm to construct and map their compliance program, breaking it down into required tasks and activities, duration, effort, resource requirements and milestones.
Speaking on the launch, Colin Camp, managing director, products & strategy at Dion said: "Many firms are now faced with the question of where to start, and how can they ascertain the extent of the problem they are faced with in terms of FATCA compliance. The FATCA TRAC Indicia Check Service addresses this problem by providing them with a detailed view of their client’s classification and the required remediation steps that need to be taken".
The FATCA TRAC Indicia service can either be hosted by Dion or in-house, with checks implemented either as a one-off or at regular intervals to determine the extent of FATCA compliance.
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