Opus Fund Services, a Bermuda-based fund administration company, has teamed up with Markit to offer a new solution for clients that is compliant with the Foreign Account Tax Compliance Act (FATCA).
The new solution will be delivered by the FATCA Service Bureau, a joint service from Markit and Compliance Technologies International (CTI).
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Opus claims that its new FATCA compliance solution will help clients classify their funds and investors, validate client documentation, electronically register FFIs, calculate withholdings on behalf of funds and handle annual reporting to the IRS.
Opus CEO, Robin Bedford, said by integrating with the Markit offering, they can now provide a seamless solution for their clients.
"This enables required obligations to be met in advance of fast approaching deadlines, thereby avoiding punitive penalties for our clients and their investors," Bedford added.
Lansing Gatrell, director and co-head of Markit Counterparty Manager, the Markit service that together with CTI forms the FATCA Service Bureau, said: "It is an advantage for the funds industry that forward-looking administrators, like Opus, are seeking out solutions to the challenge of FATCA compliance. The service we will offer via Opus makes registering with and reporting to the IRS as seamless as possible."
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
