The software has been designed to assist corporate firms in complying efficiently with the onerous requirements for pre-existing account review as dictated by Foreign Account Tax Compliance Act (FATCA).
Based on question-driven application, FATCA FIND integrates Navigant’s FATCA expertise with Appway’s modern technology, which enhances support infrastructure and making it faster to install and easier to configure.
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Furthermore, the solution allows full traceability, and enables both novice and expert FATCA resources to simply and efficiently complete account reviews.
Navigant’s global investigations & compliance practice managing director and leader Ellen Zimiles said, "The July 1, 2014 deadline for complying with FATCA is quickly approaching and enforcement will follow."
"Financial institutions need strong, proven technology to help them review hundreds of thousands of accounts for compliance.
"With FATCA FIND now on the Appway Platform, companies can seamlessly apply a robust tool to automate parts of this complex review process," Zimiles added.
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By GlobalDataComing into effect from 1 July 2014, FATCA requires non-US financial institutions to recognize account holders who are US citizens and residents and to categorize entity account holders into one of a number of classifications.
