Compliance simplified
Compliance simplified
Reporting TWC has created bridges between FATCA One™ and the different tax reporting agencies, including support for US FATCA and CRS standards, the reporting and exchange of information to local tax authorities, or direct reporting to foreign tax authorities. FATCA One™ can provide complete audit trail reports. The audit report can be run for a single record or a series of records and includes all flags, statuses, updates, documents, comments, and actions taken including by whom and when. The report is designed to show the complete record of the account, including decisions made for auditors, regulators, and includes signature lines for Relationship Manager sign-off, or a manager’s review. FATCA One™ provides a series of management and supporting reports, including productivity reports, summary reports of record status, and expiring documents (e.g. W-8 or equivalents, passports, and others). FATCA One™ will soon support witholding reports, Forms 1042 and 1099, and all other required FATCA supporting documentation.
Key Benefits of FATCA One™ It supports US FATCA, UK FATCA, and CRS reporting by identifying data deficiencies, identifying reportable records, providing review, and reporting those reportable records in the correct format to the tax authorities. It makes it easy to load and process data without requiring Information Technology (IT) support. It intelligently applies rules such as applying de minimis values before raising indicia flags, which maximizes productivity and minimizes work. It identifies, supports, and records Compliance Officer’s actions, providing a definitive record for accurate reporting. It maintains a complete audit trail of actions including comments, curative documentation, and analyst sign-off on curative actions. It applies different Rule Bases to handle differences between IGAs regulatory requirements and multiple jurisdictional reporting. It charges on an economical annual subscription priced by the number of records processed and users, so you pay for what you need and nothing more. It provides a solid base for the constantly changing tax reporting regulatory environment
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Tel: +1-345-703-298-8678 Email: info@transworldcompliance.com
Trans-World Compliance, Inc. 1829 Greenplace Terrace, Rockville, MD 20850 USA www.transworldcompliance.com
About Trans-World Compliance, Inc. Trans-World Compliance Inc., (TWC) provides cloud-based software solutions to simplify the compliance and regulatory requirements for US, Foreign Financial Institutions, tax regulatory bodies and governments. TWC saves time, lowers overheads and improves accuracy for compliance with international regulatory tax regulations and mandates by centralizing data, raising flags, tracking remediation, automated reporting, and providing an independent 3rd party audit of policies and procedures.
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