Compliance and payments solutions provider EastNets has launched ‘EastNets en.SafeWatch FATCA’, a specialised solution that enables foreign financial institutions (FFI) to comply with the US Foreign Accounts Tax Compliance Act (FATCA).
Offered as a standalone installation or as an add-on Feature Pack to the normal en.SafeWatch Profiling solution by EastNets, the en.SafeWatch FATCA is also being developed to meet other countries’ taxation laws in the future, aside from supporting tax evasion regulations in the US.
The solution assists FFIs by gathering required information on their customer base while discovering any missing information about customers. It also provides scenarios to categorise and segment customer details, in effect identifying their eligibility to the FATCA and also logs and segment customer details, in customer data meeting the US indicia, automatically keeping FFIs alerted for indica changes.
“The en.SafeWatch FATCA has been developed to provide a practical and easy-to-use solution for FIs to comply with FATCA,” said Hazem Mulhim, chief executive officer (CEO), EastNets.
“The US and other governments are now actively bolstering and enforcing tax evasion laws to prevent the proliferation of such criminal activities. This has created new challenges for financial institutions as they deal with additional requirements that are affecting the currently implemented policy and procedure as well as the technical and the informational technology platform enhancements.”
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