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Dion launches FATCA TRAC Indicia Check Service
Jan 30, 2013

London, January 28th 2013 - Dion Global Solutions, technology partner to the financial services industry, today announced that it 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 U.S. 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 programs in place to ensure required timeframes are met.

The FATCA TRAC Indicia Check Service, built with Dion’s partner Mahindra Satyam, performs the required U.S. 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 analyzed data is provided to the firm as dashboards, offering visualizations of client categories and results. Firms can then drill-down into specific account details and interrogate any U.S. indicia found. Watch-lists and activity lists for accounts with U.S. 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.

 

Re-disseminated by The Asian Banker

Categories: Risk and Regulation, Technology & Operations
Keywords: Dion



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