GoldenSource has partnered with Compliance Technologies International to develop an end-to-end Foreign Account Tax Compliance Act product for financial institutions.
GoldenSource’s enterprise data management platform acts as a master customer data platform while Compliance Technologies' E-W8 system automates the solicitation, collection, validation and maintenance of several U.S. tax forms. GoldenSource provides new customer data to the E-W8 system, which then automates the tax portion of the account opening process while achieving FATCA compliance.
“CTI is pleased our mutual clients will be able to bridge their legacy data seamlessly with our validation tools to ensure they will be FATCA compliant while simultaneously having the ability to monitor in real time any changes in circumstances,” Cyrus Daftary, executive director at Compliance Technologies, said in a news release. “Managing the data integration can be one of the most time-consuming tasks facing today's financial professionals.
GoldenSource solves this by ensuring CTI's solutions work as a seamless end to end solution.”
The product also allows users to search for customers regarded as U.S. citizens according to criteria from the Internal Revenue Service. An individual’s holdings can then be aggregated across several account hierarchies and investment vehicles and matched across multiple banking systems and platforms to calculate the definitive holding total for that person. GoldenSource provides enterprise data management products for the securities and investment industry. Compliance Technologies provides tax withholding and compliance software.
