i3 Consulting
Foreign Account Tax Compliance Solution
The emergence of global AEOI (automated exchange of information) environment requires reporting financial institutions worldwide to provide data to tax authorities about their customers who have overseas tax obligations.

US Foreign Account Tax Compliance Act (FATCA) requires IRS-registered foreign financial institutions (FFIs) to identify US taxpayers and report certain information regarding their assets and income.

These regulations places new demands on financial institutions, many of whom requires a new reporting engine to manage the process, ensuring compliance and minimizing the substantial risks of mis-reporting.

i3C offers a FATCA solution that help banks and other financial institutions to comply with the regulation. Some of the product features are as below:
  • Generation of reports
  • Submission of reports to IRS
  • IDES Credentials Management
  • Notification Management
  • Summary of all alerts

The solution has maker checker capability and provides different modules:

    i. Preparer – prepares and upload report of FATCA identified customer
    ii. Approver – approves uploaded report and submit to admin
    iii. Admin – reviews, generates packet and sends to IRS

Key Components
  • Data sourcing
  • Data validation and processing
  • Data security
  • Account setup and registration
  • Data upload, amendment and cancellation
  • No Declaration
  • XML report generation
  • Messaging functionality<
  • Report submission and query management
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