• FATCA

    Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act (FATCA) aims to prevent tax evasion by anyone who resorts to non-US financial institutions to protect their income.

To respond to this new requirement of the banking sector, Quidgest developed the FATCA Solution, which ensures the institutions’ compliance with this new regulation. Under this legislation, foreign financial institutions are required to report to the US tax authorities the holders of bank accounts that are US citizens or foreign citizens who have an obligation to the US tax system (known as US Persons).

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“FACTA Quidgest guarantees a thorough screening and proper reporting to the U.S. Internal Revenue Service (IRS)”

Identification:

  • Identification of US Persons according to US Indicia (new clients and portfolio of existing clients)
  • Maintenance of required documentation
  • Configuration of information by customer type
  • Maintenance of additional information

Validation:

  • Identification of customers with missing data
  • Identification of customers with expired data
  • Verification of periodic updating of information
  • Configuration by risk profiles
  • Notices and notifications

Retention

Reporting

Knowledgebase

COREP/FINREP

With the standardization of regulation, there was also a need to implement reports with uniform requirements and definitions through the Common Reporting Guidelines (COREP), (…)

BASEL III AGREEMENT

The international financial crisis has exposed the weaknesses of the regulatory system of financial markets and demonstrated inefficiencies in risk management procedures in the financial sector.  (…)

RELATED SOLUTIONS

CRS

Common Reporting Standard

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