Alter Domus, a global provider of corporate and fund services, has adopted Thomson Reuters FATCA solution across its services platform to enhance client identification and on-boarding to comply with the FATCA law.
Thomson Reuters FATCA Solution will enable Alter Domus clients to comply with regulatory requirements and provides competitive advantage.
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The FATCA law, which came into effect on 1 July 2014, will reduce the levels of tax avoidance by US citizens via foreign financial institutions (FFIs).
Thomson Reuters said that its FATCA solution is an efficient way for financial services companies to reduce the risk of non-compliance with US withholding documentation and FATCA self certification requirements.
Additionally, Thomson Reuters FATCA solution will deal with three main requirements of FATCA including categorizing, identifying and classification for FATCA, streamlines ongoing compliance and automates reporting.
Benoit Dewar, head of FATCA Services at Alter Domus, said: "Our clients are looking for trusted partners that can deliver tested solutions that meet their growing regulatory needs. Not only has Thomson Reuters delivered a solution that solves our clients’ needs, we also are proud to have a trusted relationship with Thomson Reuters."
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By GlobalDataLaurence Kiddle, managing director, Corporate Markets (EMEA) for the tax & accounting business of Thomson Reuters, said: "We are pleased to be working closely with Alter Domus to provide a solution that helps them to meet their needs and allows them to grow their business while enhancing their customer experience and enabling their clients to meet FATCA requirements."
