Sydel's Flexible CompliXpert Framework Helps FI's Respond to FATCA Requirements

Coral Gables, FL - 19 February 2014

Tax avoidance by individuals and entities using offshore bank accounts cost governments hundreds of billions of dollars a year, and federal governments worldwide are taking actions to close any gaps through the U.S. Foreign Account Tax Compliance Act (FATCA).  In response to these new regulations enacted in January 2014, Sydel Corporation has developed a solution that offers a flexible and convenient way for compliance officers and bank executives to proactively monitor customers, so they can fully comply with their new reporting obligations utilizing functionality already in its CompliXpert software.

FATCA places significant reporting requirements on almost all financial services companies. CompliXpert’s new FATCA module seamlessly integrates into any core system in a browser-based tool.  Bankers, brokers and insurance companies have the flexibility to configure FATCA or Intergovernmental Agreement indicia to identify and document potential FATCA Exposed, FATCA Exempt or Recalcitrant customers via intelligent alerts.  Country-specific reporting capabilities to ensure sound compliance practices and meet electronic filing commitments are included.

“Harnessing CompliXpert’s documentation capabilities and extensive AML platform, it made sense to add alerts that can flag potential customer and transactions that relate to FATCA,” said Carlos Perea, Director of Sydel Corporation.  "The feedback from our customers in the Caribbean and Latin America has been fantastic.  They love the ease of use of the new country set up screens, and how they can configure our solution for use in minutes as new intergovernmental agreements are enacted."

For over a decade, CompliXpert has been a pioneer in creating a centralized compliance offering.  Aside from the new FATCA module, this comprehensive solution offers foreign and domestic financial institutions:

  •    Customizable proactive transaction alerts
  •    Automated account risk rating
  •    Potential customer analysis and approval workflow
  •    Customer Information Program (CIP) documenting
  •    Integrated case management
  •    Call Reports with reminders to follow-up with customers
  •    Document and Identification inventory tracking
  •    Trend analysis
  •    Behavior detection pattern-matching
  •    Efficient money flow controls
  •    Watch list verification

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development