Tax

Dion launches FATCA TRAC Indicia Check Service

Dion Global Solutions, a technology partner to the financial services industry, has launched the FATCA (Foreign Account Tax Compliance Act) TRAC Indicia Check Service to assist financial firms in making an initial assessment of the impact of the FATCA regulations on their business.

The announcement follows the publication of the long-awaited final regulations for the implementation of FATCA by the US Treasury Department and Internal Revenue Service. Aimed at combating offshore tax evasion, FATCA has far-reaching implications for financial institutions around the world. Firms globally now need to put compliance programmes in place to ensure required timeframes are met.
 
The FATCA TRAC Indicia Check Service, built with Dion’s partner Mahindra Satyam, performs the required US indicia checks by taking a full or sub-set of client data, either in a pre-defined format or a format of the firm’s choice. This analysed data is provided to the firm as dashboards, offering visualisations of client categories and results. Firms can then drill-down into specific account details and interrogate any US indicia found.  Watch-lists and activity lists for accounts with US indicia are also produced for account, client and relationship managers to take any necessary remediation.
 
This information can then be used by the firm to construct and map their compliance program, breaking it down into required tasks and activities, duration, effort, resource requirements and milestones.
 
Colin Camp, managing director – products and strategy at Dion, says: “Many firms are now faced with the question of where to start, and how can they ascertain the extent of the problem they are faced with in terms of FATCA compliance. The FATCA TRAC Indicia Check Service addresses this problem by providing them with a detailed view of their client’s classification and the required remediation steps that need to be taken”.
 
The FATCA TRAC Indicia service can either be hosted by Dion or in-house, with checks implemented either as a one-off or at regular intervals to determine the extent of FATCA compliance. 

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