Asseco FATCA & CRS

It ensures compliance of financial institutions with the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) laws.

Meeting the requirement of exchanging tax information with other countries

Asseco FATCA & CRS is a system that forms a part of the Asseco Integrated Analytical Platform (Asseco IAP).
Asseco FATCA & CRS is a solution that provides financial institutions with the opportunity to meet legislative requirements regarding the exchange of tax information with other countries. It enables efficient identification, collection and analysis of data on all accounts that are covered by the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). Based on the information gathered, the tool generates a report necessary for tax purposes.

Key benefits

The Asseco FATCA & CRS system has been designed to process and analyze the data on customers and accounts. The result is the automated preparation of periodic reports in accordance with the requirements of the Tax Ordinance.
Low costs

Reducing the costs associated with handling the reporting process.

Implementation of requirements

Efficient meeting of the requirements set by the regulator.

Legal status

Compliance with the current legal status.

System adjustment

The system can be adapted to the current and future needs of the institution.

Expandability

Freedom to expand the solution with new functional areas.

Reporting in accordance with the regulations

Asseco FATCA & CRS fully complies with the legal regulations regarding the requirement for institutions to provide information on accounts of customers who are tax residents in other countries. The flexibility of the tool and the adjustment of the system to the individual needs of the institutions facilitates and automates the reporting process which facilitates its conducting in the company and consequently, reduces costs related to process handling.

Key functionalities

Asseco FATCA & CRS is a system that forms a part of the Asseco Integrated Analytical Platform (Asseco IAP), which enables effective process management in the area of Compliance.

Effective data verification

The process of qualifying customer accounts for reporting is based on data from external systems containing basic information about the customer, their accounts and relations with other entities. The solution also uses additional data collected by the employee in the course of analysis registered at the application level.

Process automation

Asseco FATCA & CRS provides access to a dedicated repository with data subject to automatic business-based verification. Their use allows identification of premises indicating the tax residence of the customer. The system automatically assigns a case to the customer who should be qualified for further analysis.

Efficient reporting

The solution provides the ability to generate reports compliant with the FATCA and CRS requirements. Reports can be created in a test version, which allows for further verification of data, and in the case of identifying non-conformities, allows to correct them.

Correction of data

The system has been equipped with a mechanism enabling corrections of reports regarding previous reporting periods. Types of corrections performed are parameterized in such a way that the structure of the correction report file is in accordance with the regulator's guidelines.

Report according to FATCA and CRS.

Reports can be created in a test version, which allows further data verification.