Solve classification – not just FATCA

Tax compliance is much broader than FATCA. By solving classification, banks can comply with much more than just FATCA.

FATCA is on everyone’s minds right now, with many financial institutions trying to figure out cost-effective and efficient ways to comply with this new IRS-driven regulation. However, FATCA is not the only regulation in town. In fact, it’s only one of many regulatory-driven challenges that are expected to beset financial institutions over the coming months and years.

Now with talk of a UK FATCA, it’s only a matter of time before other countries engage and create their own versions and flavors of FATCA.

Financial institutions should be looking to implement a classification framework that is capable of evolving as new regulations emerge or existing ones are reinforced.

A classification framework should enable financial institutions to solve immediate regulatory challenges and ensure the institution is ready for and compliant with the raft of classification-specific regulations that are coming down the road such as Dodd-Frank, MiFID II, and the 4th EU Money Laundering Directive.


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