Optimised for financial institutions that are subject to the US Foreign Account Tax Compliance Act
Consulting, technology and outsourcing services provider Capgemini, business process management (BPM) firm Pegasystems and DLA Piper, a law firm, have partnered to form a joint compliance application.
The new compliance application is optimised for financial institutions that are subject to the US Foreign Account Tax Compliance Act (FATCA).
Under FATCA, foreign financial institutions have to determine if an account is owned by a US person, report data on the account to the US Internal Revenue Service (IRS), and withhold or pay over to the US a 30% tax on "withholdable payments."
The joint compliance application will enable Capgemini Financial Services and Pegasystems to work with financial institutions to coordinate their systems’ interface with Pegasystems technology and install customised legal advice developed by DLA Piper in the software.
Capgemini and DLA Piper will review financial institution data, advise clients on enhanced FATCA due diligence, reporting and withholding requirements and ensure compliance with FATCA regulations.
Pegasystems, the dynamic case management and know your customer (KYC) software applications provider, offers the unified, business rules driven case management application to facilitate the automation of FATCA compliance.
It enables global institutions to manage all aspects of FATCA requirements within automated on-boarding processes, as well as look-back requirements.
Pegasystems Risk, Fraud and Compliance director Reetu Khosla said: "By partnering with Capgemini and DLA Piper, clients will get a complete software and services offering to ensure timely and specialized FATCA compliance."