Fiserv (FISV) has launched a program to help banks deal with the implications of new requirements from the Internal Revenue Service.
The FATCA Manager, announced Monday, is designed to help institutions meet the requirements of the Foreign Account Tax Compliance Act (FATCA), and is part of Fiserv's Financial Crime Risk Management platform. FATCA, which was instituted in 2010, is designed to detect tax evasion by U.S. taxpayers who have foreign accounts, and requires banks to monitor and report on these accounts.
The FATCA Manager automates many of the compliance checks that FATCA requires, and performs automatic monitoring and recordkeeping. It automatically prepares reports to the IRS, and helps maintain the accuracy and consistency of internal data, Fiserv said.
"Our [Financial Crime Risk Management] platform, which many financial institutions around the world have been using for AML monitoring and fraud prevention, provides the FATCA compliance team with tools for effective centralized control, exception handling, ongoing monitoring and reporting," said Jeroen Dekker, senior product manager for risk and compliance, in the news release.