NICE Actimize has introduced a new FATCA compliance solution, broadening the capabilities of the integrated Actimize Anti-Money Laundering solution suite.
The solution is designed to help firms establish a structured FATCA compliance program that includes simplification of investigation tasks to potentially reduce operational spend.
Additional features include time to completion dashboards that simplify operational management, customer data capture, screening of pre-existing and new individual and entity accounts, document management and IRS reporting. FATCA goes into effect in January 2013.
Julie Conroy McNelley, Research Director, Aite Group said: “FATCA places an onerous compliance obligation on Foreign Financial Institutions, who need to be looking for proven solutions that can help them handle this new customer screening requirement. Solutions need to have the ability to efficiently screen customer data, identify complex data relationships, and facilitate reporting to the IRS, without place undue burden on compliance staff.”
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