Trillium Software has launched a service to aid financial institutions in complying with the Foreign Account Tax Compliance Act (FATCA). The new rule requires foreign financial institutions with U.S. client accounts to share information on those customers with the U.S. Internal Revenue Service. The aim is to ensure that U.S. individuals are properly reporting income earned outside the country. According to Trillium, tens of thousands of financial institutions worldwide, including banks, insurance companies, brokers and investment firms, are expected to be impacted by the new rule. Trillium's FATCA Compliance Data Assessments help users to measure the state of their data for enabling the identification of U.S. accounts, along with the sharing of required information with IRS. The tool provides a detailed "map of the gaps," allowing firms to engage in necessary data or process remediation. They can establish benchmarks and metrics that help to determine the scope of the FATCA project challenge. In the process, they can assess such critical data as client identification, account origination and master data-management processes. The assessment platform draws on pre-populated rules and templates, and includes scrutiny of all data elements necessary for determining U.S. ownership of an account and status review. Trillium Software is a unit of Harte-Hanks, Inc.
Read Full Article
Timely, incisive articles delivered directly to your inbox.