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GoldenSource enables FATCA compliance for a leading global investment bank

GoldenSource, the independent market-leading provider of enterprise data management solutions for the securities and investment industry, announced today that a leading global investment bank has signed up to use GoldenSource EDM and the GoldenSource Connections service to comply with FATCA (Foreign Account Tax Compliance Act) requirements.

GoldenSource enables clients to seamlessly retrieve FATCA data from both external and internal sources and integrate it into their data management architecture. GoldenSource’s Connections service manages the interfaces to data vendors, ensuring that critical FATCA-related data is properly received by the bank. Data relating to entity, instruments and customers from an array of data vendors are pre-mapped into the GoldenSource data model, providing the bank with a consolidated and validated FATCA data set, as well as cross-reference integrity across multiple vendors.

So far this year, GoldenSource added FTT (Foreign Transaction Tax) and FATCA attributes and feeds to its extensive list of vendor feeds maintained through its Connections service. For FATCA this includes SIX VDF, Thomson Reuters DataScope, and Interactive Data, and for FTT includes SIX VDF, Interactive Data, and Bloomberg.

FATCA and FTT enhancements follow GoldenSource’s announcement of support for the Legal Entity Identifier (LEI) earlier this year, extending out-of-the-box capabilities to support multiple regulatory initiatives through a single platform. Specific to FATCA, GoldenSource enables clients to fulfill regulatory requirements by maintaining a Gold Copy of FATCA attributes regarding customers and counterparties. In addition, extensive FATCA coverage has been introduced at both the Institution and Instrument level, facilitating the identification of FATCA compliant/non-compliant institutions, FATCA liable/exempt instruments and FATCA Grandfathered securities.

“GoldenSource’s rich data model has long been able to manage the data required for an institution to comply with FATCA and FTT,” said Neill Vanlint, Managing Director at GoldenSource. “By cooperating closely with the data vendors during their development cycles, GoldenSource was ready to complete the picture with Connection services as soon as the data vendors went to market with their first FATCA offerings. We continuously monitor our data vendor partners’ plans for FATCA and FTT, and will expand our coverage accordingly as new and enhanced data feeds become available in the future.”