FATCA, CRS Compliance Platform ‘factor’
The Foreign Account Tax Compliance Act (FATCA) is a United States federal law requiring all non-U.S. (‘foreign’) financial institutions (FFIs) like Banks to report the assets and identities of US Tax Residents to the US Department of Treasury.
The Common Reporting Standard (CRS) is an information standard for the automatic exchange of information (AEOI) regarding bank accounts on a global level, between tax authorities. Non-US countries took the lead to have the global reporting in place to check tax evasion, modelled on similar lines of the FATCA law.
FATCA and CRS reporting has become mandatory compliance and regulatory reporting requirements for most of the Banks and Financial Services firms across the globe in over 100+ countries, and Jurisdictions.
Simplifying FATCA and CRS Compliance with factor*
PVin Corp, doing business as Global Comply Solutions, has developed a proprietary platform, factor, which offers software applications for FATCA, and CRS.
factor provides actionable insights into FATCA and CRS specific compliance needs. It proactively monitors and manages system information, without waiting for year end, to achieve better control over key compliance needs like IRS reporting and tax withholdings, and to help improve the data governance of source systems and transactions.
factor offers a series of modules, which can be individually setup, configured, administered, and reported from or can be installed as an integrated platform.
factor is a full suite of software that
- transforms master and transaction data
- processes data through separate FATCA, and CRS tax engines
- prepares country specific FATCA, and CRS reports
- files FATCA, and CRS reports via the local regulator’s portal using XML
- is capable of multi-Jurisdictional FATCA, and CRS reporting
- is available on –premises or cloud hosted; multi-country, multi-entity reporting enabled model
AML, KYC, CDD Solutions
We are now integrating AML (Anti-Money Laundering) , KYC (Know Your Customer) , and CDD (Customer Due Diligence) Solutions using our partners’ data transformation platform, with our compliance platform factor and will be make available one of the most modern, intelligent and integrated solutions in this space. The intelligence and integrated platform will offer enterprise class capability to transform unstructured data into structured data and also provide access to a robust set of ML tools, with AI, NLP, Deep learning capabilities embedded.
As our Board Advisor Vamsi Chemitiganti, a well-known expert in this space says, “the following are the six highest priority issues and critical gaps in global AML Programs, pointed out by regulators:
1. Institutions failing to develop AML frameworks that are unique to the risks run by organizations given their product and geographic mix.
2. Failure to develop real-time insights into business transactions and assigning them elevated risks based on their elements.
3. Developing AML models that draw from the widest possible sources of data – both internal and external – to understand a true picture of the business.
4. Demonstrating a consistent approach across geographies.
5. Leveraging the latest developments in analytics including Machine Learning to enable the automation of AML programs.
6. Lack of appropriate business governance & change management in setting, monitoring and managing AML compliance programs, policies and procedures”.
We are working to release our integrated Compliance and AML, KYC solutions by Q4, 2018. The integrated FATCA, CRS compliance and AML, KYC, CDD solutions platform will offer
- a platform that can be deployed via a web-based app, requires no time consuming or expensive integration
- Can be deployed on-premise or via Azure/AWS’s secure cloud server
- Architected around a series of plug-ins for maximum flexibility and provides access to a robust suite of Machine Learning tools
- Platform includes NLP, Stanford NER, Fuzzy Matching, web crawling, & multiple OCR parser options
- Machine scale and partner platform in production for 2+ years
- Auditable Lineage – Because platform indexes every page of every document, any work completed on the platform becomes fully auditable
We would be glad to speak to you about how we can help. Please write to us for a conversation and demo.
Global Comply Solutions is a full-service compliance solutions and services firm. To make our software implementation successful and to help our clients successfully maintain their solutions and reporting, our firm offers the following services:
- Compliance software design, implementation, functional design, solution architecture & integration with other banking systems and applications
- Data cleaning, data transformation and data remediation (both master & transaction data)
- Technical services including integration and architecture services
- Staffing services (Program/Project Managers, Architects, Compliance Analysts, Data Specialists, Developers, Business Analysts, and Integration Architects)