B.I.S.S. Research, the exclusive research company offering the elite industry accreditation of systems and services for the financial services sector, today announced a joint venture with Globe Tax Services, Inc. (GlobeTax), the world’s leading tax reclaim and FATCA implementation experts, for the launch of a new B.I.S.S. FATCA Accreditation. The FATCA Accreditation has been produced to assist financial services firms to achieve FATCA compliance across an enterprise by identifying strengths and weaknesses in their systems and procedures and establishing a corporate standard.
The accreditation is also anticipated to attract software suppliers who are marketing technology solutions. This new accreditation will include a series of benchmark tests that have been created jointly by GlobeTax and B.I.S.S. Research. This unique offering is intended for a global audience of financial services firms and suppliers and can be performed under non-disclosure or by industry publication as specified by the customer. To ensure continuing compliance the FATCA Accreditation and benchmark tests will be reviewed and updated to incorporate future changes to FATCA, it’s implementing regulations and interpretation, as well as comparable tax information regimes introduced by other countries.
Gary Wright, C.E.O., B.I.S.S. Research and creator of the B.I.S.S. Accreditation said “We are very excited about this joint venture with GlobeTax who we selected after a vigorous assessment of experts in global taxation. GlobeTax was the overwhelming leader and our first choice of partner. FATCA is a moving target, but is on a firm course for implementation. The B.I.S.S. Accreditation and benchmark process is designed to be flexible and evolve with FATCA and can be adapted to fulfil the requirements of other international markets should similar regulations be introduced. Financial services firms in all international markets have been confused and concerned by FATCA and the introduction of these benchmark tests and Accreditation, should bring a high degree of certainty and comfort that their system, processes and procedures are able to comply. It is vital that all branches of a bank are equally compliant to the main operation and our benchmarking can be used to standardise the groups FATCA capability. The benchmark tests can also be utilised by firms to increase knowledge of FATCA throughout their organisation and greatly improve the prospect of becoming FATCA efficient. We look forward to working closely with our new partners at GlobeTax in providing this very important new service.
Martin S. Foont, GlobeTax’s President & CEO said “We are very pleased to be working with B.I.S.S. Research the global leader in business accreditations, on FATCA accreditation. FATCA imposes a series of burdens on financial institutions and obtaining a B.I.S.S. FATCA accreditation will allow those financial institutions’ partners and customers significant confidence in their ability to comply”.