Navigant Introduces FATCA FILTERSM Account Analysis Accelerator
Apr 4th 2013 2:20PM
Updated Apr 4th 2013 2:26PM
Navigant Introduces FATCA FILTER SM Account Analysis Accelerator
New Capability Offers an End-to-End Solution for FATCA Pre-existing Account Analysis
CHICAGO--(BUSINESS WIRE)-- Navigant (NYS: NCI) announced today the launch of a new proprietary software solution, FATCA FILTERSM, which leverages the firm's expertise to help financial services institutions jumpstart Foreign Account Tax Compliance Act's (FATCA) pre-existing account analyses.
Navigant's FATCA FILTERSM is a technology-enabled tool which helps financial institutions filter through millions of accounts to identify those subject to the FATCA regulations. FATCA FILTERSM also classifies the accounts and summarizes the required remediation steps for incorporation into Navigant's FATCA FINDSM, a remediation solution that expedites the manual review, automates, documents, reports and manages the FATCA pre-existing account analysis. The FATCA FILTERSM rules and process flows are set to respond to both Intergovernmental Agreements (IGAs) and the general FATCA regulations.
"When you have to leverage Know Your Customer (KYC) data, assess the results of electronic searches against millions of records, perform manual reviews of files and use personal knowledge to confirm balances and account information, you need to work smart," stated Ellen Zimiles, Managing Director and leader of Navigant's Global Investigations & Compliance practice. "FATCA FILTERSM and FATCA FINDSM simplify a process that would otherwise be overwhelming."
FATCA requires non-U.S. financial institutions to identify U.S. citizens and residents and to categorize entity account holders into one of numerous classifications. The data points required for this analysis can often be found in the electronic records associated with each account. With approaching deadlines for the pre-existing account analysis and the complexity and sheer volume of data that financial institutions are required to examine, many organizations are beginning the process of identifying affected accounts. The 40+ rules of FATCA FILTERSM help financial institutions search these electronic records for U.S. indicia for individuals and for data to provisionally classify entity account holders.
More information about Navigant's FATCA services can be found at www.navigant.com/fatca.
About Navigant's Global Investigations & Compliance Practice
Navigant's Global Investigations & Compliance helps clients identify, assess and manage the compliance and business risks relating to FATCA, money laundering, sanctions, bribery, corruption and financial and economic crimes, and provides investigative due diligence, monitoring and forensic accounting investigations related to fraud, waste and abuse. Together with Navigant's Legal Technology Solutions professionals, the team provides innovative technology-enabled solutions for complex data management challenges.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs.
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