Fenergo claims that the FATCA self-certification solution will speedup FATCA document collection and reviews, reduce compliance costs and will also ensure more accurate compliance reporting.
Under the imminent FATCA regulation, all Foreign Financial Institutions (FFIs) must conduct an electronic search of their client data to identify the existence of US indicia and once this search is complete, the FFI must request the completion of W-9, W-8BEN (Ind) or W-8BEN-E forms by clients who have been identified as having a FATCA compliance requirement.
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The above process will enable in ensuring whether the correct tax withholding rate is applied.
The online solution performs automatic form validation in real-time against pre-defined IRS rule-sets in an effort to reduce invalid submissions.
Fenergo FATCA Self-Certification solution fully integrates with both the Fenergo FATCA Compliance and Fenergo Client Onboarding solutions and it is capable of integrating with all front and back office systems to enable the sharing of data and the creation of a single, consolidated client view across the institution.
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