Tuesday, November 17, 2020 9:00 AM
Ensuring further FATCA and CRS compliance across global jurisdictions by using automation
BOSTON, MA / ACCESSWIRE / November 17, 2020 / Finomial, a leading Investor Compliance solution, today announced the completion of the FATCA and CRS (Foreign Account Tax Compliance Act and Common Reporting Standard) in the Singapore region, specifically for funds domiciled in Singapore.
Finomial’s FATCA and CRS product ensures further comprehensive regulatory compliance in the digital investor onboarding process by automating indicia search for FATCA and CRS compliance and automating reportability determinations.
“We’re thrilled to offer our FATCA and CRS reporting tools for Singapore-domiciled funds, as these standards in compliance are changing the game for how investors are onboarded,” said Meredith Moss, CEO and founder of Finomial.
With Finomial’s rules engine, FATCA and CRS reporting brings data and documentation together to define processes for teams to produce compliant reports. Finomial’s Investor Compliance solution is designed to automatically receive updates when new regulatory changes are enacted, across all global jurisdictions.
With Finomial’s Investor Compliance solution, asset managers and fund administrators can streamline investor FATCA and CRS reporting by taking manual processes out of important activities such as indicia detection, reportability determinations, XML production and error handling, and investor review.
Beginning in 2021, investor compliance for Singapore domiciled funds can be ensured by:
*Switching from static Excel files to a rules-based system — automating indicia hit detection and reportability determinations to lower risks of non-compliance
*Optimizing inflows of subscription and documents with W-Form validation — providing a digital experience for investors, while increasing operational efficiency for key functional steps of the FATCA and CRS compliance process
*Keeping FATCA and CRS compliance up-to-date — automatically updating new legislation across jurisdictions to ensure consistent compliance
*Enforcing collaboration among stakeholders — fund managers, fund administrators, auditors and investors have a full view of investor compliance
Moss continues: “Firms are looking for more streamlined and collaborative methods of onboarding investors, and enhancing workflows to provide a full view of AML, KYC and tax compliance standards.”
Finomial’s platform is used to provide investor services to over 3,200 funds, spanning hedge funds, private equity, and real estate. For more information or to schedule a demo, please contact firstname.lastname@example.org.
With over US$1.5 trillion in alternative assets serviced on our software platform across the globe, Finomial automates client on-boarding, comprehensive due diligence, and global regulatory reporting in a rapidly changing compliance environment – all while delivering a digital client experience. Finomial is transforming the interactions between financial institutions and their investors, minimizing the friction so GPs and LPs can focus on what matters.
Jamie Kemp for Finomial
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Unclassified cookies are cookies that we are in the process of classifying, together with the providers of individual cookies.
Cookie Duration Description Provider cookielawinfo-checkbox-advertisement 1 year www.finomial.com cookielawinfo-checkbox-analytics 1 year www.finomial.com cookielawinfo-checkbox-functional 1 year www.finomial.com cookielawinfo-checkbox-necessary 1 year www.finomial.com cookielawinfo-checkbox-performance 1 year www.finomial.com cookielawinfo-checkbox-preferences 1 year www.finomial.com cookielawinfo-checkbox-unclassified 1 year www.finomial.com llfn Session .bamboohr.com _d2 Session .finomial.com
Preference cookies are used to store user preferences to provide content that is customized and convenient for the users, like the language of the website or the location of the visitor.
Cookie Duration Description Provider bhr_user 1 Day BambooHR lang Session This cookie is used to store the language preferences of a user to serve up content in that stored language the next time user visit the website. WordPress lluidh 1 Day BambooHR _gat_UA-5806974-3 1 minute This is a pattern type cookie set by Google Analytics, where the pattern element on the name contains the unique identity number of the account or website it relates to. It appears to be a variation of the _gat cookie which is used to limit the amount of data recorded by Google on high traffic volume websites. Google Analytics
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie Duration Description Provider bcookie 2 years This cookie is set by LinkedIn. The purpose of the cookie is to enable LinkedIn functionalities on the page. bhr_features 1 Day BambooHR bhr_subscriber 1 Day BambooHR lidc 1 day This cookie is set by LinkedIn and used for routing.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie Duration Description Provider bscookie 2 years Used by the social networking service, LinkedIn , for tracking the use of embedded services. cb_anonymous_id 1 year Pending BambooHR cb_user_id 1 year Pending BambooHR cb_user_id 1 year Collects data on visitors. This information is used to assign visitors into segments, making website advertisement more relevant. Google Tag Manager hubspotutk 1 year This cookie is used by hubspot to keep track of the visitors to the website. This cookie is passed to Hubspot on form submission and used when deduplicating contacts. Hubspot lissc 1 year Used by the social networking service, LinkedIn , for tracking the use of embedded services. personalization_id 1 year s_cc Session Used to determine if cookies are enabled for Adobe Analytics .linkedin.com tfw_exp 1 year _biz_flagsA 1 year Pending BambooHR _biz_nA 1 year Pending BambooHR _biz_uid 1 year Pending BambooHR _conv_r 1 year Pending BambooHR _conv_v 1 year Pending BambooHR _fbp 1 year Pending BambooHR _ga 2 years This cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, camapign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assigns a randoly generated number to identify unique visitors. Google Analytics _gcl_au 1 year Pending BambooHR _gid 1 day This cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the wbsite is doing. The data collected including the number visitors, the source where they have come from, and the pages viisted in an anonymous form. Google Analytics _hjid 1 year Pending BambooHR _hjTLDTest 1 year Pending BambooHR _mkto_trk 1 year Pending BambooHR _uetsid 1 year Pending BambooHR _uetvid 1 year Pending BambooHR __hssc 30 minutes First-party cookie __hssrc 1 year First-party cookies __hstc 1 year First-party cookies
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Cookie Duration Description Provider _gat 1 minute This cookies is installed by Google Universal Analytics to throttle the request rate to limit the colllection of data on high traffic sites. Google Universal Analytics
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
|aam_uuid||30 Days||Set for ID sync for Adobe Audience Manager||.linkedin.com|
|cb_anonymous_id||1 year||Collects data on visitor behavior from multiple websites, in order to present more relevant advertisement - This allows the website to limit the number of times that they are shown the same advertisement.||Google Tag Manager|
|li_sugr||90 Days||Used to make a probabilistic match of a user's identity outside the Designated Countries||.linkedin.com|
|uid||1 year||This cookie is used to measure the number and behavior of the visitors to the website anonymously. The data includes the number of visits, average duration of the visit on the website, pages visited, etc. for the purpose of better understanding user preferences for targeted advertisments.||System|
|UIDR||1 year||This cookie is set by scorecardresearch.com. The cookie is used to tracks the users activity across the internet on the browser such as visit timestamp, IP address, and most recently visited webpages. and may the data send to 3rd party for analysis and reporting to help their clients better understand user preferences.||scorecardresearch.com|
|UserMatchHistory||30 Days||LinkedIn Ads ID syncing||.linkedin.com|