Alter Domus, a provider of fund administration and fund services, has adopted Thomson Reuters FATCA solution across its services platform to improve client identification and on-boarding.
The Foreign Account Tax Compliance Act (FATCA), which came into effect on 1 July 2014, is intended to reduce the levels of tax avoidance by US citizens and entities through foreign financial institutions (FFIs).
“We are delighted to be working with Thomson Reuters to provide a FATCA solution that helps our clients through the initial stages of identity and on-boarding, to the concluding compliance and reporting process,” says Benoit Dewar, head of FATCA services at Alter Domus. “Our clients are looking for trusted partners that can deliver tested solutions that meet their growing regulatory needs. Not only has Thomson Reuters delivered a solution that solves our clients’ needs, we also are proud to have a trusted relationship with Thomson Reuters.”
Thomson Reuters FATCA solution helps financial services companies to mitigate the risk of non-compliance with US withholding documentation and FATCA self-certification requirements, typically forms W-8 and W-9, concerning US source income. The Thomson Reuters FATCA solution tackles the three main requirements of FATCA and can be used individually for each phase or collectively:
1. Identity - categorises, identifies and classifies for FATCA
2. Compliance - streamlines ongoing compliance
3. Reporting - automates reporting
“Firms like Alter Domus are facing increasing reporting, regulatory and compliance demands,” says Laurence Kiddle, managing director, corporate markets (EMEA) for the tax and accounting business of Thomson Reuters. “We are pleased to be working closely with Alter Domus to provide a solution that helps them to meet their needs and allows them to grow their business while enhancing their customer experience and enabling their clients to meet FATCA requirements.”