Oct 23, 2013
October 21st 2013 - Path Solutions is pleased to announce further expansion of its iMAL integrated suite of financial services applications with the launch of iMAL*InternationalTaxationRegulation (iMAL*ITR-FATCA); thus increasing the breadth and depth of value-added solutions and services the company offers to its valued clients.
"In a global economy marked by continuous change in international regulations and rapid technological innovation, managing emerging challenges becomes crucial", said Mohammed Kateeb, Path Solutions' Group Chairman & CEO. And he continued "In light with the new industry regulations and trends, Path Solutions has designed a comprehensive and highly parameterized solution to allow financial institutions comply with the international regulations of FATCA (Foreign Account Tax Compliant Act). Such expansion supports our strategy of becoming a one-stop shop of fully integrated financial services solutions".
The iMAL*ITR-FATCA provides a global framework to process multiple operations and consists of three major phases that fall under identifying the U.S. accounts (and thus supporting banks in conducting the necessary due diligence on account holders to identify those who may have U.S. connections), processing the penalty of withholding tax for recalcitrant accounts holders, and reporting to the IRS (Internal Revenue Service).
The solution is the most recent addition to the iMAL products offered by Path Solutions. Aiming at abridging compliance risk, the solution will empower financial institutions to comply efficiently, seamlessly and cost-effectively with international regulations.
Among other rich features, the iMAL*ITR-FATCA includes a comprehensive and convenient set of tools as FATCA involves IT, legal, front office and compliance. In addition, iMAL*ITR-FATCA has multilingual capabilities for worldwide deployments.
iMAL*ITR-FATCA is an off-the-shelf solution that not only reduces deployment and adoption cycles, but also can be deployed based on FATCA phases to avoid redundant costs and efforts. The solution easily interfaces with various core systems across multiple geographies for unified compliance.
Path Solutions' iMAL*ITR-FATCA meets compliance requirements for all types of financial institutions, including Islamic, retail, private banks, asset management and investment firms; whether a US financial institution (USFI) or foreign financial institution (FFI) operating outside the US.
Re-disseminated by The Asian Banker