Fiserv has launched FATCA Manager, a monitoring and control solution that financial institutions can use to efficiently meet key requirements of the Foreign Account Tax Compliance Act (FATCA).
Built on the Financial Crime Risk Management platform (FCRM) from Fiserv, FATCA Manager allows financial institutions to use proven detection, workflow and reporting capabilities to assist with ongoing compliance.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
By introducing FATCA Manager, institutions can leverage a single investment in a system and the data it requires to combat money laundering, fraud and global tax evasion.
FATCA targets tax evasion by focusing on reporting by US taxpayers about certain foreign financial accounts and offshore assets, and by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The IRS has prescribed specific onboarding, remediation and monitoring processes for financial institutions to identify and report these accounts, with severe penalties for non-compliance.
Sitting behind an institution’s primary onboarding process, the solution also provides consistent workflow and record-keeping facilities for remediation, prepares IRS reporting and acts as a second line of compliance control. To do this, the solution checks for adequate data capture and accurate classification, giving compliance departments a means to manage exceptions and maintain overall control for IRS reporting.
Jeroen Dekker, senior product manager of risk & compliance at Fiserv, said: "Our FCRM platform, which many financial institutions around the world have been using for AML monitoring and fraud prevention, provides the FATCA compliance team with tools for effective centralized control, exception handling, ongoing monitoring and reporting."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
