FATCA & CRS
The FATCA is a solution integrated with the Core of the Promosoft Financial Suite aimed at supporting the Financial Institutions in their compliance with the legal framework of the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), issued respectively by the United States of America and the Organization for Economic Co-operation and Development (OECD).
Collection and Ranking of Entities
Gathering of information on the Entity/Customer in order to identify if we are before a US Person and if it is reportable under CRS.
Calculation
Provision of calculation programmes which allow the withholding of income originating in the USA to recalcitrant customers.
Reporting
Generation of information for reports under FATCA and CRS, according to the regulations in force in the country of the Financial Institution.
Integration with
Core Banking
Integration with the Core Promosoft Financial Suite, thus enabling synergies in the implementation and maintenance, providing greater security and long-term robustness.
Legal
Compliance
Compliance with the legal framework, while controlling the FATCA status of entities and reporting appropriately to local tax authorities and/or the US IRS.
Reduction of
Operational Risk
Automation in the ranking of entities as being or not US Persons as well as in the calculation related to the withholding of income originating in the USA to recalcitrant customers.