NICE Actimize has launched a FATCA compliance solution to help firms prepare for the new regulatory requirements.
FATCA requires foreign banks and financial institutions to divulge information about their account-holders to U.S. regulators so that the Internal Revenue Service (IRS) can more easily tax citizens foreign assets. The new NICE solution, which is offered as a standalone product or integrated into the Actimize Anti-Money Laundering solution suite, includes time to completion dashboards that simplify operational management, customer data capture, screening of pre-existing and new individual and entity accounts, document management and IRS reporting.
“Given the strong regulatory and industry focus on FATCA, as well as the deep and broad changes to processes and systems that may be required to comply with FATCA in order to meet the extensive data gathering, account classification, owner identification, management and retention requirements, there must be a strong alignment between compliance, technology, legal and operations to ensure minimal impact and maximal efficiencies of existing systems,” says Amir Orad, president and CEO of NICE Actimize.”Leveraging NICE Actimize solutions and expertise, financial institutions around the world can prepare for FATCA quickly and efficiently, without disrupting day-to-day business operations, overburdening compliance departments, or impacting client experience.
The U.S. agreed in February to allow foreign regulators in France, Germany, Italy, Spain and the United Kingdom to collect pertinent information for FATCA reporting, rather than force foreign financial institutions to register directly with the IRS. Other governments have called on the U.S. to ease some of the requirements as well, including Australia, which recently raised concerns that FATCA would add an onerous and costly compliance burden on the Australian financial services industry.
US financial institutions must register for FATCA reporting by January 2013, while FFIs outside the U.S. must be compliant by July 2012.
(CG)