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."
More from Buy Side Technology
Updating your subscription status
Voting now open -- WATERS RANKINGS 2013
Our 11th annual survey is now open and you get the chance to choose your best solutions and technology providers. Waters Rankings 2013 features 26 hotly contested awards - so have your say.
21 May 2013
21 May 2013
19 Jun 2013
27 Jun 2013
Complex, dated and unwieldy data infrastructure is not uncommon among even the most progressive companies in the world of finance. As financial regulations...
With the launch of a new legal entity identifier (LEI) looming, the financial services industry needs to get ready to ensure efficient and timely implementation...