Markit and Compliance Technologies International (CTI) have launched the FATCA Service Bureau, a new service designed to help financial institutions of all types comply with the Foreign Account Tax Compliance Act (FATCA).
The FATCA Service Bureau unites the capabilities of Markit Counterparty Manager and CTI’s specialised tax validation and reporting systems, to offer a solution that combines document management, automated tools for Internal Revenue Service registration and e-tax form submission.
For the thousands of funds and other financial institutions required to register as a Foreign Financial Institution (FFI) under FATCA requirements, the FATCA Service Bureau provides tax domain expertise and operational efficiency in a low-cost solution.
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