CubeIQ’s FATCA reporting module is an add-on to PCS™ FATCA enhanced EDD Reporter™ module and it is a full web based application with multiple functions such as:
Search (Menu Search/Search Customers):
In the search page operator selects the types of customers to be included in FATCA report. The operator can select from the available options which are: (a) Individuals, (b) Beneficiaries (Business), (c) All and then click the submit button. The application executes the search and then redirects to the results page.
Results (Menu Search/Search Results):
In results page, the database search output is presented in a grid. Each grid entry is accompanied by a selection box. Operators can select which of the grid entries will be included in the FATCA report. From the available options which are: (a) One grid entry, (b) Multiple grid entries, (c) All entries and then clicks the submit button. The application executes the selection and then redirects to the report page.
Report (Menu Reports/Report Customers):
In report page the operator can view the selected entries to be reported and generate the FATCA report for previously selected customers. When the operator clicks the submit button the application generates the FATCA report which is a set of XML type files.
Report History (Menu Reports/Report History):
In report page the operator can view the generated FATCA reports with details on each report.
CubeIQ’s FATCA Reporting module has been developed based IRS’ FATCA XML v1.1 User Guide, Publication 5124 (6-2014), Catalog Number 65544H, Department of the Treasury, Internal Revenue Service - IRS specification document.
CubeIQ’s FATCA reporting module is available on Prime® Compliance Suite – PCS™ version 9.1.0 and will be available with newer PCS™ versions. However it will not be available with any version prior to 9.1.0.
Prime® Compliance Suite makes Due Diligence Easier. While FATCA is primarily a tax law, it intersects with Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. According to the IRS, your institution’s Know Your Customer (KYC) and Customer Identification Programs (CIP) under AML procedures may comply with the identification and verification-of-customers portion of FATCA.
The common theme of due diligence data collection in regulatory rulings makes Prime® Compliance Suite the perfect tool to help you meet current and future requirements.
Prime® Compliance Suite enables Financial Institutions to:
- Manage and monitor your KYC/CIP data
- Store documentation
- Facilitate required electronic searches through PCS™ searchable database
- Create customer acceptance items and set up ongoing review periods
- Avoid potential penalties and negative press by remaining in compliance
More information on CubeIQ’s FATCA reporting module please visit AML/FATCA
For Anti-Money Laundering, Fraud Management and Compliance Solutions please visit www.aml.gr