CHICAGO--()--Navigant (NYSE: NCI) announced today the launch of a new module for FATCA FINDSM, an innovative and proprietary software solution which can serve as the foundation of an organization’s Foreign Account Tax Compliance Act (FATCA) compliance program. FATCA FINDSM is a single solution that addresses both the new due diligence requirements for financial institutions located in Intergovernmental Agreement (IGA) jurisdictions as well as non-IGA jurisdictions.
“The IGAs alter the FATCA playing field, changing the due diligence requirements depending upon the location of the financial institution”
FATCA, which comes into effect in 2013, requires non-U.S. financial institutions to identify U.S. citizens and residents and to categorize entity account holders into one of several classifications. The data points required for this analysis can often be found in the electronic and paper records associated with each account. FATCA FINDSM helps financial institutions search through these records to properly classify account holders.
The U.S. Treasury and the IRS recently issued a Model 1 IGA that alters the FATCA compliance requirements in IGA jurisdictions. Navigant has created an additional module in FATCA FINDSM to address the new IGA requirements for financial institutions’ accounts located in such IGA jurisdictions.
FATCA FINDSM leverages dynamic decision flow and case management systems, as well as the expertise of Navigant’s Global Investigations & Compliance practitioners, to assess the data required for FATCA compliance in IGA and non-IGA countries. FATCA FINDSM includes robust reporting options and is fully auditable.
“The IGAs alter the FATCA playing field, changing the due diligence requirements depending upon the location of the financial institution,” states Ellen Zimiles, Managing Director and leader of Navigant’s Global Investigations & Compliance practice. “The new module we’ve developed for FATCA FINDSM allows financial institutions to deploy a single solution world-wide for efficient and accurate reviews, regardless of the jurisdiction of the financial institution.”
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 practice brings critical expertise and resources to clients to assist them with identifying, assessing and managing the compliance and business risks related to financial economic crimes, money laundering, sanctions, bribery and corruption matters, investigative due diligence, FATCA, monitoring and forensic accounting investigations related to fraud, waste and abuse.
Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs.