Fenergo has launched an online FATCA self-certification tool designed to automate the collection of certain tax forms.
Under the Foreign Account Tax Compliance Act, all foreign financial institutions must conduct an electronic search of their client data to identify the existence of U.S. residencies. Once this search is completed, the institution must request that clients who have been so identified fill out certain tax forms to ensure the correct tax withholding rate is applied.
Fenergo's FATCA self-certification allows financial institutions to automate the collection of W-8 and W-9 forms through an online submission process. Clients will be guided through a step-by-step form-filling process that ensures required fields are completed before forms are submitted. It also performs automatic form validation in real time against pre-defined IRS rules in an effort to reduce invalid submissions, Fenergo said Monday.
The information collected from the FATCA self-certification tool can be extracted and populated into the client database, automatically applying the appropriate client classification in accordance with regulation. The product automatically schedules the review of submitted data every three years to ensure continued compliance and triggers an automatic compliance review after detecting a change.
Fenergo's FATCA self-certification can be integrated with all front and back office systems to allow the sharing of data and the creation of a single, consolidated client view across the institution. It also integrates with Fenergo FATCA Compliance and Fenergo Client Onboarding.
Fenergo provides client onboarding lifecycle management software for corporate, investment and private banks.
