Ensuring further FATCA and CRS compliance across global jurisdictions by using automation
BOSTON, MA / ACCESSWIRE / November 17, 2020 / Finomial, a leading Investor Compliance solution, today announced the completion of the FATCA and CRS (Foreign Account Tax Compliance Act and Common Reporting Standard) in the Singapore region, specifically for funds domiciled in Singapore.
Finomial's FATCA and CRS product ensures further comprehensive regulatory compliance in the digital investor onboarding process by automating indicia search for FATCA and CRS compliance and automating reportability determinations.
'We're thrilled to offer our FATCA and CRS reporting tools for Singapore-domiciled funds, as these standards in compliance are changing the game for how investors are onboarded,' said Meredith Moss, CEO and founder of Finomial.
With Finomial's rules engine, FATCA and CRS reporting brings data and documentation together to define processes for teams to produce compliant reports. Finomial's Investor Compliance solution is designed to automatically receive updates when new regulatory changes are enacted, across all global jurisdictions.
With Finomial's Investor Compliance solution, asset managers and fund administrators can streamline investor FATCA and CRS reporting by taking manual processes out of important activities such as indicia detection, reportability determinations, XML production and error handling, and investor review.
Beginning in 2021, investor compliance for Singapore domiciled funds can be ensured by:
Switching from static Excel files to a rules-based system -- automating indicia hit detection and reportability determinations to lower risks of non-compliance
Optimizing inflows of subscription and documents with W-Form validation -- providing a digital experience for investors, while increasing operational efficiency for key functional steps of the FATCA and CRS compliance process
Keeping FATCA and CRS compliance up-to-date -- automatically updating new legislation across jurisdictions to ensure consistent compliance
Enforcing collaboration among stakeholders -- fund managers, fund administrators, auditors and investors have a full view of investor compliance
Moss continues: 'Firms are looking for more streamlined and collaborative methods of onboarding investors, and enhancing workflows to provide a full view of AML, KYC and tax compliance standards.'
Finomial's platform is used to provide investor services to over 3,200 funds, spanning hedge funds, private equity, and real estate. For more information or to schedule a demo, please contact email@example.com.
With over US$1.5 trillion in alternative assets serviced on our software platform across the globe, Finomial automates client on-boarding, comprehensive due diligence, and global regulatory reporting in a rapidly changing compliance environment - all while delivering a digital client experience. Finomial is transforming the interactions between financial institutions and their investors, minimizing the friction so GPs and LPs can focus on what matters.
Jamie Kemp for Finomial
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