According to the new directive of the US, foreign financial institutions (FFIs) working with US client accounts are required to share information on those customers with the US Internal Revenue Service (IRS) and ensure that US individuals report income above certain levels earned outside the country.

Christine Pratt, senior analyst at Aite Group, said, "This is likely to be a sizeable challenge to many firms, which may need to make significant changes to the type of customer and transaction data they identify, capture, store, analyze and report."

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This is where the Trillium FATCA Compliance Data Assessment helps FFIs measure the state of their data for enabling the identification of US accounts and help them share necessary information.

With the help of this tool a detailed "map of the gaps" can be generated that will allow firms to determine and plan any data or process remediation activity that will be required to ensure that data is fit to support the requirements of the act on an on-going basis.

The assessment also enables firms to establish benchmarks and metrics that will help determine in precise detail, the scope of the FATCA project challenge at an enterprise scale.

This achieved, financial institutions can then assess, for example, Client ID, account origination and master data management processes as well as other systems to verify that they support the mandated data gathering, analysis and reporting tasks, or determine appropriate actions.

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This assessment also includes review of all data elements necessary for determining US ownership of an account and status review, for determining reporting as defined by the act.

The assessment leverages over two decades of experience supporting the complex requirements of data management across global enterprises, including many of the world’s largest financial institutions.