This time next year organisations will need to have signed agreements in place with the US Inland Revenue Service in respect of their investment business with US individuals. These organisations will be obliged to conform, track, report and potentially make substantial payments in lieu of transactions undertaken with US counterparts.
In addition to the existing Asset Management and IFA/Wealth management FATCA business streams, DBFS are pleased to announce that their FATCA Consultancy division have extended their product offering to meet the needs of Fund Services organisations.
Leveraging our 15 years of consulting exclusively to the financial services industry, DBFS have brought together a team of expert FATCA associates to map out solution templates and design heat-map tools that enable organisations to streamline FATCA preparation, amend processes and extract data required to attain and retain compliant status.
Our holistic approach to tackling FATCA assignments means organisations are realising additional benefits from such assignments; getting a better understanding of their overall golden sources of data, data integrity and how that data is consumed and utilised across varying lines of business within their organisation.
Brian McNulty, CEO of DBFS, commented “Understanding the regulations, classifying FFI's/NFFE's and completing documents such as W8's is only the tip of the iceberg. The bigger challenge, like many other hot topics, is the need to understand and manage the data, and in certain instances your investors' data. If you fail to access data in a timely way, you cannot be sure of the exposure, on an ongoing basis.”
Martin Gwinnutt, DBFS Non-executive Director, added, “Overall the impact of FATCA is quite well understood, but the challenge lies in the detail of how it affects a complex architecture of applications and how to setup a project to achieve compliance. We, at DBFS, have spent a lot of time and effort resolving these problems.”