PwC Switzerland and banking software company Avaloq will collaborate to help clients comply with Foreign Account Tax Compliance Act (FATCA) reporting obligations imposed by the US.
Avaloq will work with PwC consultants to provide financial services companies tailor-made advice on integrating the new legal requirements into their banking systems.
FATCA aims to reduce tax evasion in the US by demanding more detailed record-keeping by foreign financial institutions of their American clients’ finances.
The advice offered by the two companies will extend from initial analyses and requirements management through to implementation.
PwC will bring its tax, legal and business expertise to clients, while Avaloq specialises in tailor-made banking software.