Thomson Reuters Launches FATCA Compliance Solution
(Thomson Reuters ONE) -
Combined market leading content and technology reduces regulatory burden for
firms
LONDON, 07 January, 2013 - Thomson Reuters, the world's leading source of
intelligent information for businesses and professionals, today announced the
launch of a solution to help institutions fulfil and comply with their
obligations under the forthcoming US Foreign Account Tax Compliance Act (FATCA).
Supported with the full power of Thomson Reuters content and solutions assets
from its Governance, Risk & Compliance, and Tax & Accounting businesses Thomson
Reuters for FATCA Solution, brings together market leading technology already
widely used by organizations around the world to solve issues with regulatory
compliance, tax documentation and tax reporting. It will enable organisations to
identify, maintain and validate their customer records to assist in FATCA
compliance.
It is estimated that tax avoidance by US citizens and entities using offshore
bank accounts and other vehicles held at foreign financial institutions (FFIs)
is costing the US government around $500 billion a year. Under FATCA rules,
which become effective on 1 January 2013, all FFIs will be required to collect,
manage and report all information that could reasonably point to individual's
liability for US taxation to the Internal Revenue Service (IRS) - a process
estimated to cost foreign banks, with more than 25 million accounts, at least
US$250 million (US$10 per account) to implement, according to the European
Banking Federation and the Institute of International Bankers.
"The real costs for FATCA compliance, on an individual firm basis, will vary
based on the state of the client account data in question and the technology and
systems framework in place to store that data," said Virginie O'Shea, analyst,
Aite Group. "Those with a more robust legal entity or client data management
framework or anti-money laundering (AML), or Know Your Customer (KYC) assessment
scheme in place are likely to be better positioned to tackle the challenge."
The impact of FATCA will be widely felt across the financial industry with
banks, investment funds, insurance companies, mutual funds, broker-dealers,
custodians, intermediaries, and private equity firms all having to comply. FATCA
places significant reporting requirements on firms to identify US account
holders. This will create significant operational and systemic pain points,
particularly around on-boarding, classifying and documenting new clients, and in
gathering sensitive data from a variety of structured and unstructured sources.
Thomson Reuters for FATCA Solution comprises modules for On-Boarding, featuring
US indicia search; Self-Assessment, featuring W-8 and W-9 form preparation and
collection; and Tax Information Reporting, featuring forms 1042, 1042S and
1099. The solution also features configurable regulatory and management
reporting. It is designed to integrate easily with organisations existing
processes and technology and is offered as an installed or hosted solution.
"FATCA compliance will require a multi-disciplinary approach that will touch
many points across an organization," said Laurence Kiddle, commercial director,
FATCA, Thomson Reuters. "Thomson Reuters has brought together a number of
leading tried and tested technologies, spanning governance, risk, compliance,
tax and accounting to enable compliance with this new direction in taxation
regulation. This approach makes us uniquely placed to provide a full, and
modular, solution that can help institutions fulfil and comply with the
obligations they are under and supports every stage of the challenges they will
face as a result of FATCA."
Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for
businesses and professionals. We combine industry expertise with innovative
technology to deliver critical information to leading decision makers in the
financial and risk, legal, tax and accounting, intellectual property and science
and media markets, powered by the world's most trusted news organization. With
headquarters in New York and major operations in London and Eagan, Minnesota,
Thomson Reuters employs approximately 60,000 people and operates in over 100
countries. Thomson Reuters shares are listed on the Toronto and New York Stock
Exchanges. For more information, go to: http://thomsonreuters.com
CONTACTS
Alan Duerden Tina Allen
PR Director, GRC & Marketplaces PR Manager, Tax & Accounting
+44 20 7542 0561 + 44 207 375 6814
+44 7825282483 +44 7766 922022
alan.duerden(at)thomsonreuters.com tina.allen(at)thomsonreuters.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
[HUG#1668298]
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Datum: 07.01.2013 - 10:01 Uhr
Sprache: Deutsch
News-ID 216917
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