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.
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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.
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