The Foreign Account Tax Compliance Act (FATCA) Overview
The United States and more than 110 jurisdictions require compliance with FATCA by U.S. and non-U.S. financial and non-financial companies. FATCA, which is designed to combat tax evasion, involves complex reporting requirements and stiff sanctions for non-compliance.
Organisations review entity structure and business activities to determine how FATCA applies and institute appropriate FATCA tracking and reporting. Common Reporting Standards (CRS), which set global standards for automatic exchange of financial account data by tax authorities, are an integral part of FATCA reporting for affected organisations.
As FATCA evolves, appropriate technological solutions position your organisation to comply more effectively and efficiently. Blueprint FATCA Manager establishes a strong framework for FATCA compliance, which includes:
- Categorising entities by appropriate FATCA classification.
- Automating review of FATCA exposure.
- Constructing a permanent audit trail.
- Tracking foreign financial assets, offshore accounts and thresholds.
- Recording all reviews and updates.
- Providing a complete, accurate and historical record of all FATCA decisions.
- Creating a single source of clean data for ongoing, reliable FATCA compliance.
- Ensuring regular updates as organisational change occurs.
As a standard module in our entity management platform, Blueprint’s FATCA manager offers complete integration with our state-of-the-art application. By eliminating manual reconciliation, duplicate data entry and data dispersal, FATCA Manager ensures more timely, accurate, efficient and effective compliance.
Create Initial and Ongoing FATCA Management Framework
Blueprint’s FATCA Manager establishes a framework for initial FATCA compliance by classifying all entities appropriately, creating a database for information storage, generating required reports and facilitating IRS compliance. Once the initial data is in place, ongoing, automated surveys confirm or change classifications.
A broad variety of specific, automated triggers alert responsible employees and transfer data for appropriate storage, recording and filings. These create audit trail events, documenting compliance.
Adaptable Surveys Accelerate Compliance
Blueprint OneWorld’s Survey Manager is a flexible tool that provides compliant pre-created or highly customisable FATCA surveys for specific organisational needs. Create customisable question sets to offer a sequence logic informed by responses to a thread of successive questions.
Assign surveys to an individual or groups and maintain survey integrity by preventing edits once a survey is completed. No worries about forgotten responses, as automated email communications continue to remind survey recipients until a response is received. Survey Manager creates and stores a permanent record of the certification process.
Controllable Review Process Facilitates Audit
Blueprint OneWorld’s Review Manager creates a single authoritative source for verifying the latest entity data to provide an automated, and documented, FATCA verification process. Employing these workflows, your organisation gains the ability to demonstrate control of entity data. You can customise specific data integrity rules to ensure compliance.
Automated email with an included link to the review simplifies the interface. Workflows ensure that notifications and reminders proceed until a task is complete. When the review is completed, distinct audit trails and reports completely document that process. As with other Blueprint tools, Review Manager integrates seamlessly with Survey and Workflow Manager for a completely streamlined and documented review process.
Automated Workflow Process Ensures Completion
Blueprint’s Workflow Manager ensures that all required FATCA compliance tasks are completed correctly and on time. It supports requests as a means of assigning and tracking a specific task within a workflow. Schedule emails to notify relevant parties of any required tasks to be completed and review aggregated summaries of activity for a chosen time period.
Workflow Manager can integrate and be used in concert with Change Manager, Review Manager and DXM, or solely with a Data Library to remove paper and human error from the process. Ensure that no task falls through the cracks. No matter how many entities your organisation has in different jurisdictions, Workflow Manager takes care of your required tasks.
Blueprint FATCA Manager Streamlines and Facilitates Ongoing Compliance
Like many regulatory regimes, FATCA is constantly evolving. Blueprint’s FATCA Manager keeps up with the changes so that your organisation doesn’t have to. As your organisation grows and the regulation changes, we ensure that you remain in compliance, with a solid documented audit trail that reveals every step of the FATCA survey, attestation and compliance process.
Global compliance has become increasingly burdensome. Organisations that employ Blueprint’s FATCA Manager enjoy the efficiencies that flow from utilising the data and systems that they already have to ease this compliance task. Leveraging the Blueprint platform for specific compliance tasks such as FATCA avoids the expenses and aggravation of external personnel or a separate expense for other, non-integrated solutions. Trust Blueprint to manage the FATCA compliance process with unparalleled ease, consistency and diligence.