Readiness assessment: foreign account tax compliance act

Overview

Foreign Account Tax Compliance Act (FATCA) Readiness Assessment. US FATCA regulations signed into law in 2010
require Foreign Financial Institutions to classify their (US) customers under U.S. tax principles. FATCA creates the need for financial institutions to gather sensitive client data to identify accounts for the purpose of reporting and monitoring data provided to the US Internal Revenue Service.

Organisations will have to examine and-if necessary-obtain information such as U.S. Tax Status, U.S. Citizen/Residence Status, Place of Birth and account details. Account balances may also be used to determine certain thresholds and for reporting to U.S. accounts. Industry classification codes and ownership hierarchies may also be used to correctly classify organisations, entities and individuals.

The Trillium FATCA readiness assessment enables customers to leverage a purpose-built process for measuring the state of their US client data to meet the requirements for core data elements needed to comply with the mandatory FATCA data sharing directive. The initial deliverable from the assessment is a ‘map of the gaps' in the current state of the data. This deliverable will help institutions make highly informed decisions about the size and scope of the efforts required by the FATCA identification/reporting process at enterprise scale.

Trillium's FATCA readiness assessment assists firms in identifying, analysing and reporting to meet the US Internal Revenue Service's mandated reporting standards for FATCA.