Reducing the complexity and cost of FATCA compliance

The Foreign Account Tax Compliance Act (FATCA) is intended to help reduce offshore tax evasion by U.S. taxpayers who hold some or all of their investments in foreign accounts. FATCA requires financial institutions outside of the U.S. to report information about financial accounts held by U.S. taxpayers or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

The challenge

Complying with FATCA’s due diligence, remediation, withholding and reporting requirements poses many challenges related to the following:

  • Future-proofing operating models in line with the evolution of global tax compliance regulations
  • Accommodating multi-jurisdictional solutions to ensure regulatory compliance across the global operations
  • Data aggregation, search and analytics
  • Account due diligence, classification and remediation
  • Ability to identify income sources
  • Ability to link income to the source
  • Ability to capture withholdable and reportable payments

An end-to-end compliance approach is needed with support from trusted partners with deep and proven compliance, risk and technology know-how.

What we offer

CGI offers high-quality, end-to-end FATCA services designed to facilitate on time, on budget compliance, as well as provide the flexibility and scalability to meet evolving regulatory requirements. We advocate a scalable, modular approach to compliance, which addresses the requirements in a practical, phased-in manner and ensures seamless integration with existing IT architectures. We also help to facilitate auditability and governance at every stage of the process.

Our FATCA services include the following:

  • FATCA consulting and program leadership
  • FATCA data management services for due diligence
  • FATCA remediation and case management
  • FATCA withholding and reporting

Contact us for more information.