Provides the ability to capture and analyze capture customer information, identify target accounts, and monitor financial activity to support the requirements of the Foreign Account Tax Compliance Act (FATCA).
Patriot Manager provides:
- Gap Analysis against identified requirements,
- Locate policies having foreign-based activity,
- Evaluate legal entities to determine if they are Foreign Financial Institutions (FFI) or otherwise covered by FATCA,
- Ability to identify foreign based pre-exisiting cash value insurance and annuity contract accounts exceeding a specified value,
- Ability to identify and monitor withholdable and passthru payments,
- Ability to monitor & report grandfathered obligations,
- Ability to recognize exempt foreign entities,
- Maintain verification procedures,
- Provide reports on U.S> accounts and non-U. S. persons
- Monitor activity as to obtaining U.S. accounts waiver of secrecy and other disclosure information limitations,
- Monitor U.S. accounts that were closed because of waiver was not obtained within a reasonable time frame,
- Provide and maintain demographic, tax identification numbers, account numbers, and year-end balances of values for reporting to the IRS,
- Manage documentation globally,
- Ensure consistency & compliance across the enterprise in a single, flexible solution.
… and much more.
Contact Aquilan today to find out more about how Patriot Manager can help monitor the FATCA requirements for you.