With the Foreign Account Tax Compliance Act (FATCA) coming into force on the 1 July, Multifonds has released its fully compliant module to help firms and clients meet reporting requirements.
The main challenge of FATCA is the identification of US-owned accounts. The Multifonds module solution provides firms with a comprehensive view of all accounts categorised according to available information and by performing scans of indicia of US states.
The FATCA module has been offered to clients, leading custodians, third party administrators and asset managers, including European Fund Administration (EFA), which has already implemented the module into its software.
Keith Hale, executive vice president of client and business development at Multifonds, commented: “We have been working with our clients to identify the impact of FATCA since the bill came into law, resulting in the design and delivery of the initial FATCA capabilities in mid-2012.”
“Since then we have been implementing, testing and enhancing the FATCA capabilities in partnership with our clients. We are delighted to work with EFA to implement these capabilities into production well ahead of the deadline.”
Director of product and strategic development and member of the executive committee at EFA, John Glesener, added: "FATCA reporting is a necessary regulatory challenge that we have to meet in the servicing of our clients. We seek to minimise the impact and disruption on our clients by automating the process as far as possible, and leverage the Multifonds platform to achieve this.”
“We are pleased to have worked alongside Multifonds on their FATCA working group to understand the implications of FATCA, resulting in our subsequent selection and implementation of Multifonds’s FATCA module.”
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