The fight against international tax avoidance
FATCA Solution is the Corvallis solution by which to fulfil the requirements laid down by the FATCA regulation and demanded by the Supervisory Bodies. The application enables the integrated management of the operative processes relating to legislative compliance, from the identification of customers through to the submission of flows of information to the authorities.
The solution stems from the experience accrued by Corvallis over several years on compliance-related matters, for which it has developed an innovative application suite, the KYC 3 suite, based on organisation according to processes and not by individual rule, thereby guaranteeing an integrated, coherent management of legislative obligations concerning customers and their operations.
FATCA Solution is an independent, autonomous solution that is fully integrated with the KYC 3 suite, with which it shares the technological and application infrastructure and hence can provide an additional regulatory verticalisation within itself, thereby reducing the time and cost of starting-up a solution.
- Compliance Repository was designed to archive all information relating to clients and their operations needed to comply with the various requirements of the regulations, in a single environment. A complete data model is made available that interfaces the operational systems both by means of specific application components (web service) and with the specific data flows. These characteristics mean that the component provides an informative basis able to ensure coherence and integration with a more articulate system with new organisational and operative monitoring.
- FATCA Classification is a generalised client classification solution with respect to a non-fixed number of dimensions; these are independent but share data and functions.
- FATCA External Data is the module integrating external sources, providing all functions required for the import and aggregation of both public and private lists. Use of the module is necessary in order to acquire the lists of the NFFI published monthly by the IRS (NB the support of other public or specific lists of the institute can be enabled).
- FATCA Verify NFFI was created to satisfy the need for searches for recurrences of data present on the lists, internal databases and databases supplied by info providers, acquired by means of the FATCA External Data module.
- FATCA Withholding identifies the counterparties and types of operations subject to taxation in accordance with legislation, providing informative services to the specific reference company applications responsible for regulating the accounting event in accordance with technical specifications and criteria, currently being defined on a legislative level.
- FATCA Rule Engine oversees the analysis of customer operations, considering personal data, contract data and transactions and generates statistical aggregates to be analysed.
- FATCA Operational Monitor offers a user interface by which to view and analyse the "alerts" generated by the FATCA Verify NFFI and FATCA Rule Engine modules.
- FATCA Workflow Management enables a flexible, efficient approach to be assured that can be easily modified to comply with repeated changes to international rules or internal rules of the organisation.
- FATCA Regulatory Reporting generates and submits to the supervisory bodies, the data flows containing the regulatory reports, once a year.
The FATCA Solution is then completed with the following additional modules:
- FATCA Compliance created for the company figures with the task of ensuring they have a global overview of the situation, enabling a complete vision of data managed in the Compliance Repository and allowing the user to define and control objectives for the various hierarchical and organisational levels, in respect of synthetic indicators measuring the performance of the relevant business processes.
- FATCA Document Management is the module based on the Corvallis EasyView product, which enables the integrated management of the repository of documents associated with the client records.