Oracle FATCA Management

The solution Oracle FATCA Management on automation of the bank business processes connected with the regulatory provisions FATCA (The Foreign Account Tax Compliance Act) accepted in the USA and extended worldwide is included in partner practice of EGAR Technology. It will be provided to the Russian credit institutions.

According to directives of FATCA, foreign, including Russian banks, it is offered to transfer to the American tax administration information on accounts of the American citizens and the companies which are clients of these Russian banks to exclude a possibility of their tax avoidance. In case of not signing by separate bank of the agreement on FATCA from transactions of his clients who are residents of the USA deduction of 30% of a transaction amount in an order without acceptance will be made.

The solution Oracle FATCA Management is constructed on compliance platform, has practice of support of requirements of regulatory bodies of the USA and provides in real time automation of all business processes of FATCA. A system, in particular, solves such problems as identification of the accounts which are subject to processing within FATCA; aggregation from different banking systems of the data necessary for representation; the 360-degree overview of the client by FATCA, providing different analytical data and reporting. The solution differs in ample opportunities of parametrization and comprises previously configured rules on categorizations of accounts, signs of checks, tools of the overview of the existing rules and the examples based on which well proved experts compliance in the USA. Oracle FATCA Management also uses the best examination of products of Oracle in such directions as AML and financial risk management.

The high level of standardization of interfaces of the solution does its integration easy not only with products of Oracle, but also with applications of third-party developers.

A system is ready to operational making changes, the requirements of FATCA connected with possible changes in process of implementation of its directives in financial institutions worldwide.