The announcement follows the publication of the long-awaited final regulations for the implementation of FATCA by the U.S. Treasury Department and Internal Revenue Service. Aimed at combating offshore tax evasion, FATCA has far-reaching implications for financial institutions around the world. Firms globally now need to put compliance programs in place to ensure required timeframes are met.

The FATCA TRAC Indicia Check Service, built with Dion's partner Mahindra Satyam, performs the required U.S. indicia checks by taking a full or sub-set of client data, either in a pre-defined format or a format of the firm's choice. This analyzed data is provided to the firm as dashboards, offering visualizations of client categories and results. Firms can then drill-down into specific account details and interrogate any U.S. indicia found. Watch-lists and activity lists for accounts with U.S. indicia are also produced for account, client and relationship managers to take any necessary remediation.

This information can then be used by the firm to construct and map their compliance program, breaking it down into required tasks and activities, duration, effort, resource requirements and milestones.

Colin Camp, Managing Director - Products & Strategy at Dion added: "Many firms are now faced with the question of where to start, and how can they ascertain the extent of the problem they are faced with in terms of FATCA compliance. The FATCA TRAC Indicia Check Service addresses this problem by providing them with a detailed view of their client's classification and the required remediation steps that need to be taken".

The FATCA TRAC Indicia service can either be hosted by Dion or in-house, with checks implemented either as a one-off or at regular intervals to determine the extent of FATCA compliance.