Finomial

Finomial Delivers Comprehensive Solution for OECD CRS

PUBLISHED ON 03/28/2016 ON LINKEDIN

(New York: March 28, 2016) Finomial Corporation today announced the launch of a comprehensive and automated online investor services and tax reporting platform. This software enables financial institutions to meet the compliance requirements for the Common Reporting Standard (CRS) mandated by the OECD (Organization for Economic Cooperation and Development).

These new tax regulations require that hedge funds and private equity firms perform on-going due diligence on their investors, identify reportable events, gather required investor documents and file with multiple tax authorities. This necessitates that financial institutions find automated, compliance-driven solutions to adhere to these complex regulations.

Finomial’s Investor Services Compliance Platform builds on its existing UK FATCA compliance technology to seamlessly codify regulatory requirements and address new and evolving requirements.  It includes Optical Character Recognition (OCR) review of documents; compliance-driven indicia searches; online investor tax form and self-certification workflows; logic-driven online remediation for investors; XML file preparation and validation; and a comprehensive audit trail.

The software also enables collaboration among users, allowing for full transparency to fund manager clients, including Responsible Officers. For example, administrators and managers can be permissioned to share dashboards for status and oversight across investors and jurisdictions.

Said Meredith Moss, Finomial Chief Executive Officer: “We are committed to providing the alternative investment community with the ability to meet their compliance obligations with software that dramatically reduces operational risk, while relieving their internal time, labor, and cost burdens.  As regulation continues to grow, the only realistic way to meet the ever increasing demands on firms is to move to an electronic operational environment that automates the heavily manual work of compliance.  Fund managers and fund administrators can collaborate through our online platform, delivering transparency and reducing risk. Confident in compliance and operational risk management, administrators and managers can move beyond a task orientation to provide world-class service to investors.”

About Finomial Corporation

Finomial is transforming the buyside investment processes and streamlining regulatory compliance adherence by automating the current manual hedge fund subscription interactions between investors, fund managers and administrators.  Automation of the hedge fund subscription process leads to reduced operation risk, increased cost savings and efficiency and provides hedge fund managers with powerful investor analytics that drive compliance, marketing and investor relations.

For Further Information, contact:

Terrence Mulry
Mulry Consulting LLC
201.891.1853
tmulry@att.net