Loading The Trans-World Compliance (TWC) solution allows you to seamlessly export your data from your Customer Relationship Software (CRM) or other Master Data Management (MDM) software into any format (Excel, Text, XML, or JSON), or alternatively via a direct system-to-system web services connection. It can then be loaded and reloaded as often as you require into TWC’s (FATCA) One™ system. All that is required is an individual or entity name and a unique identifier (it can be user assigned but is often a customer ID or account ID). During the load process data is processed and flags are raised on data that is to be examined and resolved. Red flags indicate major deficiencies (e.g. findings of indicia, missing required data such as an address), Yellow Flags minor deficiencies (e.g. high value accounts requiring Relationship Manager review, missing data such as a Tax Identification Number (TIN)), and Green Flags if all the data is available to determine if the record either needs to be reported or not. For cases of indicia the system will capture the documentation including proof of citizenship and self-certification. For an entity the US government’s Global Intermediary Identification Number (GIIN) is matched, entities statuses are updated as compliant due to registration or by virtue of being covered by an Intergovernmental Agreement (IGA) agreement, and the entire entity status process is supported.
Remediation FATCA One™ implements a concept of Rule Bases. A Rule Base is based on reporting regulations to a specific jurisdiction, reporting jursidiction, and fiscal year. The Rule Base incorporates rules based on: (1) Specific differences based on IGA or local law implementations; (2) the rules and XML generation determined by the type of agreement (e.g. US FATCA, UK FATCA, or OECD Common Reporting System (CRS)); (3) the phasing in of rules over time; and (4) the evolving and shifting regulatory environment. As data is loaded or modified, FATCA One™ applies the Rule Base to raise Red Flags and Yellow Flags to identify issues to be reviewed, and Green Flags to show those records that are complete, and whether they need to be reported or not. The FATCA compliance officer must sign-off on the collection of curative documentation, optionally upload related scanned documentation, and record an explanation before clearing a flag excusing that record from being reported. FATCA One™ allows for the reporting of dormant or recalitrant accounts. This data collection tracks which records should be reported or not and allows for an audit trail for auditors or regulators, thereby promoting accountability within the organization.
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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 signoff 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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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. FATCA one for financial institutions is installed or available via the cloud to assist Financial Institutions with complying with US FATCA, UK FATCA, and CRS FATCA standards. FATCA One for Tax Authoritie assists Tax Authorities with receiving, reviewing, and exchanging US FATCA, UK FATCA and FATCA data. Country-by-Country Reporter assists Tax Authorities with compliance with the OCED Base Erosion and Profit Shifting (BEPS) Action item 13 Reporting for Multi National Enterprises.
Tel: +1-345-703-298-8678 Email: info@transworldcompliance.com
Trans-World Compliance, Inc. 1829 Greenplace Terrace, Rockville, MD 20850 USA www.transworldcompliance.com