Managing FATCA Compliance Processes through Software Automation - July 2015
-
Upload
360factors -
Category
Software
-
view
28 -
download
2
Transcript of Managing FATCA Compliance Processes through Software Automation - July 2015
Regulatory Change Management
BANKING GOVERNANCE, RISK & COMPLIANCE MANAGEMENT
Managing FATCA Compliance Processes Through Software Automation
Page 2Regulatory Change Management
WHAT IS FATCA?
The Foreign Account Tax Compliance Act (“FATCA”) is intended to reduce levels of tax avoidance by citizens of the U.S. and entities via foreign financial institutions (“FFIs”).
FACTA Went into effect on July 1, 2014
The intention of FATCA is to identify U.S. citizens responsible for paying U.S. taxes, however, are utilizing non-U.S. financial institutions and accounts offshore in order to avoid such tax requirements.
FATCA has required a tremendous amount of human capital, attention from institutions and has significantly impacted the compliance processes, as the requirements are quite complex and onerous.
Page 3Regulatory Change Management
FATCA COMPLIANCE CHALLENGES
The Foreign Account Tax Compliance Act targets tax noncompliance of US taxpayers with foreign accounts.
Specifically, FATCA focuses on reporting:
US taxpayers on certain foreign financial accounts and offshore assets
Foreign financial institutions on financial accounts held by US taxpayers for foreign entities in which US taxpayers hold a substantial ownership interest.
FATCA obliges banks and money related organizations worldwide to submit complete and point by point data on their clients to the US tax authority (IRS).
Regulatory Change Management
SOLUTION
Page 5Regulatory Change Management
HOW CAN YOU AUTOMATE YOUR FATCA COMPLIANCE PROCESSES?
360Factors with its flagship product Predict360 enables your company to effectively handle the complexities and prerequisites of FATCA by:
Decreasing human capital compliance costs
Automation of the process
Increasing accountability
Increase oversight to ensure your organization is compliant with the regulatory requirements
Our framework permits you to archive the needed due diligence for your customers to arrange account holders as either U.S. on the other hand non-U.S., reporting the 30% withholding in U.S. taxes when people neglect to give the fitting documentation or while working with non-compliant companies or individuals, and handle every single reporting prerequisite for the IRS.
Page 6Regulatory Change Management
THE ULTIMATE BANKING GRC MANAGEMENT SYSTEM
• Make you 100% Compliant with Regulatory Changes
• Properly Document Processes
• Assist you in Saving Resources & Time of Your Compliance Officers
• Ultimately Increase Profitability & Oversight
• Decrease Regulatory Risks & Fines
Read more about our FATCA Compliance Management Software
Page 7Regulatory Change Management
WHY IMPLEMENT BANKING GRC MANAGEMENT SYSTEM
Understanding Regulations
Regulatory / Standards Change Management
Internal Corporate standards
Day to Day Compliance Tasking
Event-Driven Compliance Tasking
Predictive Risk Analysis Corrective and Preventive Actions Policy and Procedure Management Risk Management Management Training Management Multiple Tools to address Reg.
Compliance
Other Industry Pain Points
Page 8Regulatory Change Management
Source: Global survey by KPMG, Inc
BENEFITS OF AN INTEGRATED MANAGEMENT SYSTEM
AUTOMATE REGULATORY COMPLIANCE THROUGH
SOFTWARE
Regulatory Change Management
Predict360 REGULATORY COMPLIANCE
ARCHITECTURE
Page 10Regulatory Change Management
WANT TO KNOW MORE?
Checkout full details on our FATCA Compliance Management Software page!
Avail our expert advisory services or request a DEMO by visiting www.360factors.com
Connect and remain up-to-date through our Social channels
https://www.facebook.com/360Factors
https://twitter.com/360factors
https://www.linkedin.com/company/360factors
https://www.pinterest.com/360factors/
http://www.yelp.com/biz/360factors-austin