Trans-World Compliance launches FATCA ONE™ to provide full service FATCA support

ROCKVILLE, Md. - Dec. 8, 2014 - PRLog -- Trans-World Compliance launches FATCA One™ which provides full service Foreign Account Tax Compliance Act (“FATCA”) compliance support

ROCKVILLE, MD - Trans-World Compliance Inc., (“TWC”) today announces the release of its FATCA One™ software that allows organizations worldwide to easily manage and simplify the compliance and regulatory requirements for FATCA and related worldwide legislation.

FATCA One™ supports FATCA Inter Governmental Agreements (IGA) models including differences in IGA requirements and reporting to US and other country governments as required.

“As financial instutions around the globe work to accommodate the new and pending FATCA regulations, we quickly understood that a solution that made this new set of tasks simple was needed.” said David Olenzak, President of Trans-World Compliance, “So we developed FATCA One™ from the ground up to solve this problem.”

Simply export data from your systems or from paper files into any format (Excel, Text, XML, or JSON) or via a direct system-to-system connection, and then load it and reload as often as you like into TWC's FATCA One™ solution.

Using a system of intelligently applied rules and multiple pass examination, the data is processed and parsed for missing or inaccurate information and flags are raised on records that need to be examined further. When updated in FATCA One™, the data can be exported and reloaded into the core accounting systems and direct system-to-system integration with the most popular software packages.

Indicia data when accompanied with the appropriate curative documentation (W-8, proof of foreign citizenship, etc.) is stored in FATCA One™ to ensure proper reporting.

“One huge advantage of using FATCA One™ is that the system holds the new data point requirements like GIIN or TIN so you do not need expensive updates to your legacy systems” said Ian Worrell, VP Sales, Marketing and Support.

For entities, the US government's Global Intermediary Identification Number (GIIN) are automatically matched, entities statuses are updated as compliant due to registration or by virtue of being covered by an IGA agreement, and the entire entity status process is supported.

FATCA One™ implements a concept of Rule Bases, based on reporting regulations to a specific jurisdiction, reporting jurisdiction, and fiscal year. Inter-Governmental Agreements (IGA) have slightly different rules and reporting to the US requires different rules from UK and other territories.

TWC has created bridges between FATCA One™ and the different tax reporting agencies, including support for all IGA Model 1 local tax authorities and support for reciprocal IGA agreements, resulting in close to 100 bridges between FATCA One™ and potential reporting agencies.

FATCA One™ provides a complete audit report and audit trail. This audit report can be run for a single record or a series of records and includes all flags, statuses, updates, documents, comments, and actions taken including by whom and when. This report is designed to show the complete record of the account including decisions made for auditors, regulators, Relationship Manager sign-off, or a manager's review.

FATCA One™ provides a series of management and supporting reports. These include productivity, summary reports of record status, and expiring documents (such as W-8's or equivalents, passports, and others). FATCA One™ will support withholding reports, 1042, 1099, and all other required FATCA supporting documentation.

FATCA One™'s robust reporting facilitates include reporting to multiple jurisdictions, identifying those records to be submitted, transforming those records into the proper format (the IRS or CRS XML formats, for example) including any local IGA requirements such as inclusion of a local company registration number in addition to a GIIN, and the encryption and submission of these records. In addition, records can be marked to be resent, voided, or corrected and resent as needed.

About Trans World Compliance, Inc:

Trans World Compliance Inc., provides application or cloud based software solutions to simplify the compliance and regulatory requirements for US, Foreign Financial Institutions, tax regulatory bodies and governments.  Trans World Compliance saves time, lowers overheads and improves accuracy for compliance with international regulatory tax regulations and mandates by centralizing data, raising flags, tracking remediation, automated reporting, and providing an independent 3rd party audit of policies and procedures.  Trans World Compliance’s flagship product, FATCA One™ was created for the purpose of FATCA regulatory reporting, designed by international compliance and IT experts, adheres to a full range of international standards, and supports multiple rule-bases with specifics for different jurisdictions and reporting year.

You can find out more at:  http://www.transworldcompliance.com