The Asian Banker

Facing FATCA: Unravelling the IT solution confusion
Colin Camp, managing director of Dion Global Solutions, feels that FIs are finally coming to terms with the reality of FATCA, and must now decide how to address the demand placed upon them.

Aug 14, 2013 | Colin Camp

Despite initial belief that the Foreign Account Tax Compliance Act (FATCA) requires just enhanced data checking and storage capabilities, it is clear that the regulations affect multiple areas of one’s business. As such, FATCA demands a four-stage response, which can be summarised as follows: Identification of relevant clients by checking data against specific indicia for both existing and new accounts; Remedial case management for identified accounts and/or missing data, including document storage; Calculating withholding tax as required; Amalgamated reporting on transactions and balances to the IRS and other tax bodies and clients.

Categories: Data & Analytics, Data Management, Regulation, Risk & Performance, Risk and Regulation
Keywords: Colin Camp, Dion Global Solutions, FATCA, IRS, Data Security, FI
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