Module Benefits:

  • Facilitates FATCA identification and classification
  • Gathers and maintains documentation in the identification of customers’ U.S. citizenship status
  • Manages complex income beneficiary hierarchies and pass-through structures
  • Easily analyzes customer data and test for U.S. indicia
  • Helps identify U.S. connections through complex matching rules

FATCA (The Foreign Account Tax Compliance Act ) was enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act on March 18, 2010. It creates a new information reporting and withholding regime for payments made to certain foreign financial institutions and other foreign entities.

FATCA is intended to increase transparency for the Internal Revenue Service (IRS) with respect to U.S. persons that may be investing and earning income through non-U.S. institutions. While the primary goal of FATCA is to gain information about U.S. persons, FATCA imposes tax withholding where the applicable documentation and reporting requirements are not met. While FATCA certainly affects U.S. withholding agents and U.S. multinational companies, the greatest impact will likely be to Foreign Financial Institutions.

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