FATCA™ Reporting
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>> Legal & Audit Manager™: FATCA™ Reporting Module
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Legal & Audit Manager™ - LAM™ Application - FATCA Reporting Module [R02]
Foreign Account Tax Compliance Act - FATCA was enacted in 2010 by U.S. Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.
More information:
Impact on Individuals
U.S. individual taxpayers must report information about certain foreign financial accounts and offshore assets on Form 8938 and attach it to their income tax return, if the total asset value exceeds the appropriate reporting threshold. Form 8938 reporting is in addition to FBAR reporting.
Information on FATCA for US Citizens that live and/or doing business outside US.
The document describes how US Citizens living or doing business outside US are affected by FATCA.
Impact on Financial Institutions
Foreign Financial InstitutionsTo avoid being withheld upon, a foreign financial institution may register with the IRS, obtain a Global Intermediary Identification Number (GIIN) and report certain information on U.S. accounts to the IRS.More information on:U.S. Financial InstitutionsU.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:
Impact on Governments
If a jurisdiction enters into an Intergovernmental Agreement (IGA) to implement FATCA, the reporting and other compliance burdens on the financial institutions in the jurisdiction may be simplified. Such financial institutions will not be subject to withholding under FATCA.
More information on:
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CubeIQ's FATCA Reporting Application in Cooperation with PCS™
CubeIQ’s FATCA reporting application is available as add-on module on Prime Compliance Suite – PCS™ version 9.1.0 and will be available with newer PCS™ versions. However it will not be available with any version prior to 9.1.0.
FATCA 2015
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.
FATCA 2017
Today CubeIQ's FATCA Reporting module has evolved to FATCA-2 which is based on IRS' FATCA XML Schema v2.0 User Guide, Publication 5124 (4-2017) Catalog Number 65544H Department of the Treasury, Internal Revenue Service specification document.
Notice:
Beginning January 16, 2017, all FATCA Reports (new, nil, corrected, void and amended) must be created using the FATCA XML Schema v2.0. The FATCA XML Schema v2.0 replaced v1.1 and the FATCA Notification XML Schema v2.3 replaced v2.2. All International Data Exchange Service (IDES) users are required to submit FATCA Reports using v2.0 because v1.1 is not supported.
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CubeIQ's FATCA Reporting Application In Cooperation with Other Systems
CubeIQ's FATCA-2 Reporting Application is the evolution of FATCA 1.1 which from a PCS™ module evolved to an autonomous web based data management and reporting application capable to retrieve data from different sources such as Prime Compliance Suite - PCS™ database, customer flat data files and any other banking or financial software application database managing customer data, provided that the required data structure – table/fields are disclosure and read access is granted.
CubeIQ's FATCA-2 reporting features:
- 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.
FATCA Reporting Module Menu Items
FATCA Report Generation Process
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