Trans-World Compliance (TWC) is to release new software that will allow organisations worldwide to easily manage and simplify the compliance and regulatory requirements for the Foreign Account Tax Compliance Act (FATCA) and related legislation worldwide.
The software, FATCA One, supports FATCA Inter Governmental Agreement (IGA) models including differences in IGA requirements and reporting to US and other country governments as required.
“As financial instutions around the globe work to accommodate the new and pending FATCA regulations, we quickly understood that a solution that made this new set of tasks simple was needed,” said David Olenzak, president of TWC.
“We developed FATCA One from the ground up to solve this problem.”
FATCA One provides a complete audit report and audit trail.
This audit report can be run for a single record or a series of records and includes all flags, statuses, updates, documents, comments, and actions taken including by whom and when.
This report is designed to show the complete record of the account including decisions made for auditors, regulators, relationship manager sign-off, or a manager's review.
FATCA One also provides a series of management and supporting reports. These include productivity, summary reports of record status, and expiring documents.
