Rapid FATCA readiness

The Velocity FATCA Compliance & IRS Reporting (FCR) module provides a simple, yet powerful platform to scope, map, aggregate, and continuously update FATCA-relevant information in one place with integrated year-end IRS electronic reporting.

Riddle me this - Are you FATCA compliant?

The Foreign Account Tax Compliance Act (FATCA) is a United States federal law to enforce the requirements for United States persons, including those living outside the US, to file yearly reports on their non-US financial accounts. Foreign financial institutions agree to report on these US account holders or face 30 percent withholding on all US income.

Features

  • Dynamic alerts and case management workflows

  • FATCA IRS reporting and integration capabilities with tax systems

  • Robust alert management reporting and dashboards

  • Effective identification, analysis, and reporting for FATCA compliance

  • Leveraging KYC/CIP data and the ability to integrate data from multiple sources

  • Application of IRS rules to identify customers who meet US indicia and balance thresholds

Benefits

  • Easily aggregate and flag customers and accounts
  • Monitor change in circumstances
  • Integrated IRS reporting
  • Built-in data quality management
  • Robust Alert Management workflows
  • Dashboard and productivity reporting

FAQs

  • What are the key features and functionalities of Velocity FATCA compliance software that assist businesses in streamlining their compliance efforts?

      FATCA compliance software offers a range of key features and functionalities to assist businesses in streamlining their compliance efforts. Some of these include:

      • Generating real-time alerts
      • FATCA IRS reporting and integration capabilities with tax systems
      • Robust alert management reporting
      • Effective identification, analysis, and reporting for FATCA compliance
      • Leveraging KYC/CIP data and the ability to integrate data from multiple sources
      • Application of IRS rules to identify customers who meet US indicia and balance thresholds

  • What are the key features and functionalities of Velocity FATCA compliance software that assist businesses in streamlining their compliance efforts?

      FATCA compliance software offers a range of key features and functionalities to assist businesses in streamlining their compliance efforts. Some of these include:

      • Generating real-time alerts
      • FATCA IRS reporting and integration capabilities with tax systems
      • Robust alert management reporting
      • Effective identification, analysis, and reporting for FATCA compliance
      • Leveraging KYC/CIP data and the ability to integrate data from multiple sources
      • Application of IRS rules to identify customers who meet US indicia and balance thresholds




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