Effective since July 1, 2014, the U.S. Foreign Accounts Tax Compliance Act (FATCA) is expected to transform the way financial institutions track and report on their clients’ financial assets. Financial institutions around the globe have realized that they can no longer ignore this legislation and must prepare for the changes ahead. As compliance requirements evolve over time, en.SafeWatch FATCA provides a flexible, resilient product that helps compliance officers adjust quickly to and accommodate change and new requirements.
en.SafeWatch FATCA allows financial institutions to stay compliant with FATCA regulations and avoid the repercussions of unwitting non-compliance. It is a powerful solution that helps simplify and tackle the complexity and ambiguity of FATCA’s new customer specification and classification requirements. It is an effective solution that provides users with a central point for gathering, processing, and reporting all required information.
en.SafeWatch FATCA addresses the need to comply with the Foreign Account Tax Compliance Act (FATCA) by providing a modern, flexible approach to gathering the required information and monitoring changes. This enables financial institutions to report their findings to the U.S. Internal Revenue Services (IRS).
This Web-based application, based on standard databases and platforms, makes it easy to integrate with any banking application to capture data and provide precise information. It uses the proven, robust engine of EastNets’s powerful AML solution “en.SafeWatch Profiling.” As such, it benefits from the power and speed of a well-recognized, widely tested engine, in addition to flexibility and ease of deployment. en.SafeWatch FATCA supports a set of rules related to FATCA. These rules improve tax compliance and prevent tax evasion. The common library of scenarios and business rules is updated on an ongoing basis to ensure optimal results.
- Practical Tools for Customer and Account Classification
- Detection Manager Capability
- A Comprehensive Set of Business Rules
- Robust Reporting
- Standalone FATCA Encryption Tool
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