With the Foreign Account Tax Compliance Act (FATCA) that came into force in 2010, the U.S. government aims at the disclosure of assets of taxable U.S. citizens in financial service providers abroad.
Through intergovernmental agreements (IGA), or through agreements with financial institutions, the US tax authorities are trying to investigate and to recognize the US tax avoiders.
All Financial institutions are required to follow specific procedures for all, new and old, customers in order to execute a historical research data and report back to IRS, directly or in-directly through the correspondence banks.
Printec and TONBELLER offering provides financial institutions with a solution that enables a maximum automated workflow and a secure support for managing different incidents. FATCA-related data can be forwarded to the IRS and to national authorities in full compliance with data-protection regulations.