Compliance Technologies International (CTI) and Markit have launched Fatca Service Bureau to help financial institutions with compliance to the Foreign Account Tax Compliance Act (Fatca), which came into force at the start of the year.
CTI's tax validation and reporting systems work alongside Markit's counterparty management services to offer automated tools for Internal Revenue Service (IRS) registration and e-tax form submission.
"Fatca compliance is another process-intensive requirement placed upon the financial industry that demands an automated solution," says Jeff Gooch, managing director and global head of processing at Markit. "Combining the know-your-customer functionality, document management and reporting tools offered by Markit with CTI's unparalleled domain expertise gives the global fund industry an efficient way to manage Fatca compliance."
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