FATCA and CRS Compliance

Finomial helps you to ensure compliance, stay ahead of the latest regulations, reduce errors, and speed reporting – so you can focus on the investor relationship.

As FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) demands increase and regulatory scrutiny intensifies, FATCA/CRS is no longer a once-a-year event – it’s an everyday part of investor interactions. Every new account, every subscription, every redemption, every change in circumstance is now a FATCA event.

Businesses must implement efficient FATCA/CRS compliance into their existing operations without incurring massive costs, long implementation timelines, or damaged investor relationships.

The Finomial Platform:

  • Analyzes investor data and beneficial owners for FATCA/CRS indicia
  • Automatically determines investor reportability, with a rules engine based on regulatory authority, fund domicile, investor type, and investor domicile
  • Coordinates and automates outreach to investors for FATCA/CRS declarations, with automatic email generation and online tracking
  • Enables investors to respond to your FATCA inquiries online for real-time data capture and analysis
  • Automates the process of collecting W-8 and W-9 forms and provides audit logs all data collection processes
  • Enables internal workflows and controls
  • Generates XML files, with sophisticated error handling and resolution
  • Provides management analytics on the status of FATCA reporting by fund
  • Provides transparency to funds, fund administrators and service providers, enabling collaboration throughout the diligence and reporting process.

What are the Benefits?

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Deliver Best-in-Class Client Experience

Eliminate the pain imposed on investors and clients, providing a seamless and automated experience for collecting required data and documents to enable effective regulatory reporting, and avoid withholding penalties

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Reduce Regulatory Risk and Headline Risk

Rigorous process controls, always-current reporting standards, and full audit trails ensure you stay compliant. The intelligent rules engine for reportability determinations avoids manual errors and complexity risk. Structured review of beneficial owners avoids headline risk - and career risk - of inadvertently enabling tax evasion and money laundering

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Drive Efficiency & Enable Your Talent

Eliminate the mad dash and brutal hours required for manual FATCA/CRS compliance, and deliver efficiencies for your firm, your team, and your investors. Drive client experience and retain your best talent by eliminating manual processes and enabling your team to focus on the customer, instead of paper process and spreadsheets.