26 September 2016
Find out more

DBFS expands Fatca offering

12 July 2012  |  1106 views  |  0 Source: DBFS

This time next year organisations will need to have signed agreements in place with the US Inland Revenue Service in respect of their investment business with US individuals.

These organisations will be obliged to conform, track, report and potentially make substantial payments in lieu of transactions undertaken with US counterparts.

In addition to the existing Asset Management and IFA/Wealth management FATCA business streams, DBFS are pleased to announce that their FATCA Consultancy division have extended their product offering to meet the needs of Fund Services organisations.

Leveraging our 15 years of consulting exclusively to the financial services industry, DBFS have brought together a team of expert FATCA associates to map out solution templates and design heat-map tools that enable organisations to streamline FATCA preparation, amend processes and extract data required to attain and retain compliant status.

Our holistic approach to tackling FATCA assignments means organisations are realising additional benefits from such assignments; getting a better understanding of their overall golden sources of data, data integrity and how that data is consumed and utilised across varying lines of business within their organisation.

Brian McNulty, CEO of DBFS, commented "Understanding the regulations, classifying FFI's/NFFE's and completing documents such as W8's is only the tip of the iceberg. The bigger challenge, like many other hot topics, is the need to understand and manage the data, and in certain instances your investors' data. If you fail to access data in a timely way, you cannot be sure of the exposure, on an ongoing basis."

Martin Gwinnutt, DBFS Non-executive Director, added, "Overall the impact of FATCA is quite well understood, but the challenge lies in the detail of how it affects a complex architecture of applications and how to setup a project to achieve compliance. We, at DBFS, have spent a lot of time and effort resolving these problems." 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit www.abe-eba.euVisit contisgroup.com

Who is commenting?

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
13038 views comments | 49 tweets | 46 linkedin
Banks test blockchain for reference data managementBanks test blockchain for reference data m...
8507 views comments | 16 tweets | 27 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
7923 views comments | 32 tweets | 16 linkedin
Time has come to extract value from blockchain investment – new Finextra paperTime has come to extract value from blockc...
6874 views comments | 22 tweets | 16 linkedin
FCA to kickstart sandbox with 24 applicantsFCA to kickstart sandbox with 24 applicant...
6815 views comments | 33 tweets | 15 linkedin

Featured job

Find your next job