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.
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.
Features of the FATCA Compliance & IRS Reporting (FCR) module include:
- 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
- Dynamic alerts and case management workflows
- FATCA IRS reporting and integration capabilities with tax systems
- Robust alert management reporting and dashboards