Datamonitor has profiled Fenergo’s FATCA compliance solutions for the global financial services industry in its latest report on FATCA regulations.
The report entitled, FATCA: Global Wealth Manager Responses, provides comprehensive analyses of wealth managers’ reactions to the Foreign Account Tax Compliance Act and features a case study of Coutts Private Bank and Fenergo’s approach to automating the FATCA compliance challenge.
It outlines the various approaches being undertaken by leading wealth management firms and highlights the disparities that are taking place in the industry. According to its findings, 63% of wealth managers claim they will continue to onboard US clients in light of FATCA.
The Datamonitor report also points to a burgeoning niche market of wealth managers that are adopting an open arms approach to embracing US clients and FATCA, and points to the availability of self-certification portals for the collection and processing of US tax forms.