FATCA


The Foreign Account Tax Compliance Act (FATCA) impacts foreign, US financial institutions, and non-financial foreign entities. IRS requires information reporting on off-shore financial transactions from US individual and business entities and applies a 30% penalty withholding tax when not in compliance.

Shasat in association with PVin Corp shall offer a cloud based FATCA solution named Factor.   The technology utilizes a Microsoft data-warehouse and application is designed to offer audit preparedness, integration flexibility and scalability to easily adapt to future regulations.  In addition to deploying Factor, we would also provide implementation and related technology services to address the regulatory requirements specific to FATCA, as we recognize that FATCA is one of many regulations your organization needs to address.

Our expertise allows us to adapt our experiences to the unique needs of your organization, so that we can enhance your ability to focus on compliance, technology, and business requirements of the organization.  Our technology service offerings include:

  • Technical Assessment: Conduct  detailed analysis of FATCA impacting systems.
  • Data Quality Assessment & Remediation: Focus on master and transaction data for FATCA payments.
  • Data Transformation & Governance Strategy: Provide technology alternatives for optimized FATCA data needs.
  • Technology Implementation: Facilitate system readiness, help manage technology and pro-cesses.
  • Reporting & Analytics: Assist in developing custom reporting architecture.
  • Monitor/ Sustain: Evaluate the integration of FATCA and the other compliance programs for efficiency gains in the technology infrastructure.