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Comply with FATCA’s global regulatory requirements with FactSet

May 5, 2015

FactSet helps alleviate the burden of managing multiple data sources and provides essential security and entity reference data items to the meet global regulatory requirements of the Foreign Account Tax Compliance Act (FATCA).

FATCA is U.S.-sponsored legislation that requires non-U.S. financial institutions to identify and report U.S. account holders to the IRS. All foreign banks with U.S. clients or clients with U.S. holdings must register with the IRS in the form of a Global Intermediary Identification Number (GIIN).

FATCA compliance involves large volumes of data from across a firm. It can create sizable data management challenges, from gathering new information during client onboarding to tracking changes and integrating existing data silos. Firms must be able to identify compliant accounts based on their GIIN registration and must have the ability to cross-reference counterparty data across different internal systems. Despite the challenges, however, compliance is critical. Failure to meet the requirements of FATCA can result in a 30% withholding tax on all payments from U.S. sources.

Use FactSet to:

  • Consolidate entity data into a master source that can be used across back and middle office workflows (e.g., onboarding/KYC, tax, compliance)
  • Identify U.S. entities, U.S. securities, and U.S.-owned entities
  • Access more than 60 reference data items, including LEI, country of risk, address, industry and sector classifications, IGA Model One and Model Two countries, and entity type
  • Map FactSet’s entity IDs back to client IDs

To learn more about FactSet’s Smart Data for Regulations, including our solutions for Dodd-Frank, SEC 12d3, and Solvency II, visit http://solutions.factset.com/smartdata.

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