The document describes how US Citizens living or doing business outside US are affected by FATCA.
U.S. Financila Institutions
U.S. financial institutions and other U.S withholding agents must both withhold 30% on certain payments to foreign entities that do not document their FATCA status and report information about certain non-financial foreign entities.
More information on:
- Manage and monitor your KYC/CIP data
- Store documentation
- Facilitate required electronic searches through our searchable database
- Create customer acceptance items and set up ongoing review periods
- Avoid potential penalties and negative press by remaining in compliance
- Search (Menu Search/Search Customers): In the search page operator selects the types of customers to be included in FATCA report. The operator can select from the available options which are: (a) Individuals, (b) Beneficiaries (Business), (c) All and then click the submit button. The application executes the search and then redirects to the results page.
- Results (Menu Search/Search Results): In results page, the database search output is presented in a list. Each list entry is accompanied by a selection box. Operators can select which of the list entries will be included in the FATCA report. From the available options which are: (a) One list entry, (b) Multiple list entries, (c) All entries and then clicks the submit button. The application executes the selection and then redirects to the report page.
- Report (Menu Reports/Report Customers): In report page the operator can view the selected entries to be reported and generate the FATCA report for previously selected customers. When the operator clicks the submit button the application generates the FATCA report which is a set of XML type files based on FATCA XML specification.
- Report History (Menu Reports/Report History): In report page the operator can view the generated FATCA reports with details on each report.
CubeIQ’s FATCA Reporting module has been developed based IRS’ FATCA XML v1.1 User Guide, Publication 5124 (6-2014), Catalog Number 65544H, Department of the Treasury, Internal Revenue Service specification document.
- Autonomous web based software application with its own database schema.
- Multiple users support. Uses can reside in different departments within the financial institution.
- Connection to different sources such as Prime Compliance Suite - PCS™ database, flat files and any other software applications’ database provided that the required data structure – table/fields are disclosure and read access is granted for extraction of customers with US status (FATCA Status).
- Powerful search facility on the US citizens’ dataset. Users can search using the majority of personal data field (First Name, Family Name, Address, ID Type and ID Number and other) and customer ID. Additional search fields can be added as long as they are included in the database.
- Capability to review the data of the extracted customers with US status (FATCA Status).
- Users can choose to generate FATCA reports for all extracted customers or for one of the extracted customer or for a group of the extracted customers.
- Modern and intuitive user interface which guides the users how to use the system with a “Wizard” based mechanism.
- “What if” Operation: Users can operate the system up to the point to finalize FATCA reports. If the users do not finalize – generate the reports all generated data are deleted.
- Audit: FATCA reports that a generated are stored in two ways: (a) the actual XML files are stored in a system’s directory tagged with the creation date and (b) the data of the reports in a system’s database table tagged also with the creation date. This is a very powerful audit trail feature.
- A number of other features that enhance security, auditability and ease of use.
For more information about FATCA-2 Reporting Application or Prime® Compliance Suite and how it covers FATCA compliance requirement please use the follwoing links.