FATCA Compliance

The Fenergo FATCA Compliance solution is a complete end-to-end solution that enables institutions to efficiently and effectively manage the client onboarding, client identification, classification and reporting requirements dictated by FATCA, without impacting the overall client onboarding experience.  

For new client onboarding, the Fenergo FATCA Compliance solution enables the efficient and easy capture of FATCA-specific information through specific data capture fields, which will make the ongoing process of tracking and managing clients exhibiting US indicia easier.

For existing clients, the Fenergo FATCA Compliance solution conducts extensive client identification according to pre-defined US indicia on all available client data lying in various repositories. With this newly-consolidated data, the Fenergo FATCA Compliance solution is capable of conducting a pre-classification of all clients based on the strength of the indicia being displayed, helping to reduce the number of clients that need to be contacted to self-certify their US status.

Finally, the solution also comes with the Fenergo FACTA Self-Certification Portal, a secure, multi-lingual online portal designed to streamline, automate and reduce the effort involved in collecting data via the appropriate W-8 and W-9 forms through a step-by-step form filling interface. Fenergo FACTA Self-Certification Portal can act as a standalone module or be integrated with the Fenergo FATCA Compliance solution.  

 

WITH FENERGO FATCA COMPLIANCE, YOUR FINANCIAL INSTITUTION CAN:

  • Create a single client view by centralizing all legal entity, data analysis and hierarchy management in one unified repository
  • Identify classification-specific indicia (e.g. US indicia for FATCA)  
  • Assign appropriate risk ratings to each client (high, medium or low)  
  • Focus on higher risk individuals/entities ensuring appropriate use of resources  
  • Automate the collection of additional data through dynamic-driven questions via self-certification portals (such as the Fenergo FACTA Self-Certification solution), auto-populating the legal entity repository  
  • Schedule regular client data refreshes and monitor ongoing change of circumstance data to ensure continued data integrity.


As an out-of-the-box solution, Fenergo FATCA Compliance delivers:

  • A comprehensive electronic repository of legal entities' data and documentation (KYC, AML and tax) supporting FATCA data and document requirements
  • Capture and management of complex legal entity hierarchies 
  • FATCA client classification and identification for withholding or reporting
  • Full audit and tracking of client due diligence process execution 
  • Structured document request and response processes
  • Tracking and alerting of documentation expiry
  • Support for remedial client data cleansing and FATCA classification
  • Management of client change of circumstance 
  • Client asset aggregation and single customer view 
  • Reference data and instrument master data reporting in support of FATCA requirements

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