RegionsNorth AmericaEastNets Launches FATCA Compliance Tool

EastNets Launches FATCA Compliance Tool

Compliance and payments solutions provider EastNets has launched ‘EastNets en.SafeWatch FATCA’, a specialised solution that enables foreign financial institutions (FFI) to comply with the US Foreign Accounts Tax Compliance Act (FATCA).

Offered as a standalone installation or as an add-on Feature Pack to the normal en.SafeWatch Profiling solution by EastNets, the en.SafeWatch FATCA is also being developed to meet other countries’ taxation laws in the future, aside from supporting tax evasion regulations in the US.

The solution assists FFIs by gathering required information on their customer base while discovering any missing information about customers. It also provides scenarios to categorise and segment customer details, in effect identifying their eligibility to the FATCA and also logs and segment customer details, in customer data meeting the US indicia, automatically keeping FFIs alerted for indica changes.

“The en.SafeWatch FATCA has been developed to provide a practical and easy-to-use solution for FIs to comply with FATCA,” said Hazem Mulhim, chief executive officer (CEO), EastNets.

“The US and other governments are now actively bolstering and enforcing tax evasion laws to prevent the proliferation of such criminal activities. This has created new challenges for financial institutions as they deal with additional requirements that are affecting the currently implemented policy and procedure as well as the technical and the informational technology platform enhancements.” 

Related Articles

The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

EEA The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

4m BELLIN
The Treasury Challenge of a Post-Merger Integration

EEA The Treasury Challenge of a Post-Merger Integration

4m BELLIN
The Challenge of Integrating Worldwide Subsidiaries into one TMS

Baltics The Challenge of Integrating Worldwide Subsidiaries into one TMS

4m BELLIN
Q&A with BMG's treasury : BELLIN - We Love Treasury 2

EEA Q&A with BMG's treasury : BELLIN - We Love Treasury 2

4m BELLIN
PSD2: dull name, but seismic effect

Clearing & Settlement PSD2: dull name, but seismic effect

4m Alex Kwiatkowski
2017's most read: Correspondent banking: still in rude health?

Bank Relationships 2017's most read: Correspondent banking: still in rude health?

5m Henry Balani
2017's most read: The future of cash management: the single multi-currency virtual account

Accounts Payable 2017's most read: The future of cash management: the single multi-currency virtual account

5m Matthew Fuellhart
2017's most read: Open API: unlocking innovative new services in banking

Automation 2017's most read: Open API: unlocking innovative new services in banking

5m Lu Zurawski