Tier One Banks get serious about FATCA as another leading bank selects GoldenSource

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Thursday, 19 December 2013

GoldenSource, the independent market-leading provider of enterprise data management solutions for the securities and investment industry, announced today that a second global Tier One investment bank is using GoldenSource to enable compliance with the Foreign Account Tax Compliance Act (FATCA) requirements. 

Having been described as “the year of FATCA,” 2014 is fast approaching and, to ensure avoidance of a 30% withholding fee, foreign financial institutions (FFIs) are realising that the time to act is now.

The GoldenSource Connections service provides instrument-level FATCA classifications for equities, fund and warrants, which are managed in the bank’s 50 million instrument security master, GoldenSource Securities & Products. The solution is integral to the bank’s organisation-wide FATCA program, which is ensuring compliance for hundreds of payment systems. The newly established Connection and associated workflows were implemented in less than 5 days.

This is the second Tier One Bank to have selected GoldenSource within the last month to facilitate their compliance with the FATCA regulation, an indication that compliance preparations are moving well beyond the strategy and consulting stages and into execution mode. 

“While the compliance deadline extension from January to July has allowed some extra preparation time, financial institutions recognize they need to take concrete steps to prepare for FATCA, rather than wait for further clarification from the IRS,” said Steve Engdahl, SVP Product Strategy at GoldenSource. “This is particularly important for large tier one banks, whose multiple lines of business invariably create additional complexity in seeing all their relationships with their customers and achieving compliance with regulations such as FATCA. GoldenSource is committed to delivering unique services and solutions which are quick to install and use, to enable our clients to achieve their objectives within tight time-frames.”

News Source : Tier One Banks get serious about FATCA as another leading bank selects GoldenSource

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