Simplifying FATCA & AEOI for Tax Authorities

Tax Authorities, FATCA and AEOI

Tax Authorities in countries with signed Model 1 Intergovernmental Agreements (IGA) with the United States are obligated to adhere to the Foreign Account Tax Compliance Act (FATCA). In order to meet this requirement, Tax Authorities must implement a technical solution that will automate the collection, validation, collation, and exchange of this data with the IRS before September 30, 2015.

Tax Authorities should also ensure the implemented system not only meets current FATCA requirements but also provides support for Automated Exchange Of Information (AEOI) with 98 other jurisdictions in 2016 and beyond.

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A robust, future-proof FATCA & AEOI system must:

  1. Comply with U.S. FATCA requirements.

  2. Comply with OECD standards for AEOI, such as Common Reporting Standard.

  3. Manage complex rules across multiple jurisdictions.

  4. Provide automated exchange of information with the IRS and other jurisdictions.

  5. Manage and automate account due diligence requirements.

  6. Identify errors in FATCA and CRS disclosures, over and above those identified within the XML schemas.

  7. Ensure the integrity and security of the data, and provide extensive audit trail capabilities.

Vizor for FATCA Benefits for Tax Authorities

  1. Meet Your Commitments: Meet your FATCA and future AEOI commitments with one, out-of-the-box solution.

  2. Save Money: Vizor for FATCA is a cost-effective solution for Tax Authorities – most solutions built in-house significantly underestimate scope, cost, and complexity.

  3. Save Time: Our solution can be implemented quickly and efficiently allowing you to easily meet FATCA timelines and deadlines.

  4. Peace of Mind: Vizor Software is proven, secure and trusted technology, implemented across the globe for the collection of sensitive data from Financial Institutions.

  5. Operational Efficiency: The Vizor solution can operate in a ‘fully automated mode’ requiring minimal manual intervention, guaranteeing your resources are free to focus on your core business.

  6. Benefit From Our FATCA & AEOI Expertise: Having developed and implemented Vizor Software for FATCA & AEOI for many tax authorities, the Vizor Team brings a wealth of knowledge and experience to the table.

Vizor for FATCA & AEOI Feature Highlights

  1. Financial Institution self-registration and account creation

  2. Tax Authority monitoring and approval workflow for Financial Institution registration

  3. Financial Institution upload facility for FATCA and CRS data in XML format, as well as manual data entry via web forms for smaller and less sophisticated FIs

  4. Extensive validation of FATCA and CRS data, including validation against XML schema, validation against account information, GIIN validation, and many additional business rules such as those specified in the “FATCA XML version 1.1 User Guide”

  5. Automated transmission and exchange of FATCA data with the IRS

  6. Configuration options for running in “fully automated” mode so that little or no manual interaction with the system is required for the Tax Authority.

  7. Management reports for monitoring, tracking and reviewing information within the system

  8. All data is available in a single, fully-searchable repository, including data provided on a reciprocal basis under AEOI.

  9. Automated exchange of information with other jurisdictions as they come on line (2016 to 2018)

  10. Support for changes to FATCA and CRS data schemas

  11. Localization support including right to left languages such as Arabic

  12. Integrates with existing systems, such as Active Directory

  13. Integrates with existing data, such as a domestic taxpayer database to enable record matching

Why Choose Vizor Software?

  1. For the past 15 years, Vizor Software has been trusted by Government Agencies such as Central Banks and Financial Regulators for the collection and validation of highly complex data from Financial Institutions.

  2. Vizor has extensive experience in providing solutions that streamline the data collection and validation process, allowing you to focus on your core business.

  3. Vizor for FATCA & AEOI is a Model 1 IGA solution built on our regulatory and supervisory platform. It is a scalable and flexible solution that removes the technology headache for Tax Authorities.

  4. Vizor for FATCA & AEOI is a full-service integrated solution built from the ground up to comply with international standards and best-practices, and tailored to address FATCA & AEOI compliance.

  5. Vizor is the only provider of an out-of-the-box solution that meets all of your current FATCA requirements in a 4-6-week 'go-live' timeline.

  6. Vizor Software supports current FATCA requirements and already provides support for the Common Reporting Standard (CRS) for Automated Exchange Of Information coming in 2016/7, ensuring your Tax Authority has a “future proof” solution.

Build or Buy?

  1. Scope and complexity are significantly underestimated, and key resources are pulled away from your primary functions.

  2. Cost, logistics, and required skill sets are miscalculated and the burden on an already stretched IT department is dramatically increased.

  3. System maintenance becomes a headache, especially when requirements change over time.

To learn how Vizor software simplifies FATCA for your Tax Authority with a solution that can be implemented in only 6 weeks, contact us.

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