Navigant Introduces FATCA FILTERSM Account Analysis Accelerator
New Capability Offers an End-to-End Solution for FATCA Pre-existing Account Analysis
Navigant’s FATCA FILTERSM is a technology-enabled tool which helps financial institutions filter through millions of accounts to identify those subject to the FATCA regulations. FATCA FILTERSM also classifies the accounts and summarizes the required remediation steps for incorporation into Navigant’s FATCA FINDSM, a remediation solution that expedites the manual review, automates, documents, reports and manages the FATCA pre-existing account analysis. The FATCA FILTERSM rules and process flows are set to respond to both Intergovernmental Agreements (IGAs) and the general FATCA regulations.
“When you have to leverage Know Your Customer (KYC) data, assess the
results of electronic searches against millions of records, perform
manual reviews of files and use personal knowledge to confirm balances
and account information, you need to work smart,” stated
FATCA requires non-U.S. financial institutions to identify U.S. citizens and residents and to categorize entity account holders into one of numerous classifications. The data points required for this analysis can often be found in the electronic records associated with each account. With approaching deadlines for the pre-existing account analysis and the complexity and sheer volume of data that financial institutions are required to examine, many organizations are beginning the process of identifying affected accounts. The 40+ rules of FATCA FILTERSM help financial institutions search these electronic records for U.S. indicia for individuals and for data to provisionally classify entity account holders.
More information about Navigant’s FATCA services can be found at www.navigant.com/fatca.
About Navigant’s Global Investigations & Compliance Practice
Navigant’s Global Investigations & Compliance helps clients identify, assess and manage the compliance and business risks relating to FATCA, money laundering, sanctions, bribery, corruption and financial and economic crimes, and provides investigative due diligence, monitoring and forensic accounting investigations related to fraud, waste and abuse. Together with Navigant’s Legal Technology Solutions professionals, the team provides innovative technology-enabled solutions for complex data management challenges.