CSR & FATCA Compliance Software Banks | FICO TONBELLER

One Integrated Solution for CRS and FATCA

Tax Compliance & Reporting

FATCA was only the beginning, the OECD standard for the automatic exchange of information the next step towards greater international tax transparency. This calls for solutions that not only fulfill the complex FATCA and CRS requirements but provide a flexible basis to meet evolving future needs quickly and easily.

FICO TONBELLER offers banks a solution that provides a maximum automated workflow and a secure support for the management of cases. The software collects the required customer information and checks it for U.S. taxability or tax residency abroad. Requested documents are stored and evaluation options are available for bank-specific topics – be that customers, check results, or the check status. All CRS and FATCA related data can be forwarded to national or international authorities in full compliance with data-protection regulations.

Our solution offers:

  • Reliable, highly flexible technology to generate, analyze, and process customer data
  • Workflows for CRS/FATCA cases
  • Audit-proof process logging, including document storage
  • Automatic continuous customer check and reporting of CRS/FATCA related changes as 'change of circumstances'
  • Reporting to supervisory authorities and customer reporting

Siron®KYC Know Your Customer

Integrated Risk Classification for New and Existing Customers

FATCA-Comliance with Siron®KYC

Customer acceptance is the first step. Due to statutory requirements (e.g. U.S. Patriot Act, Bank Secrecy Act, EU money laundering directive), banks are obliged to gather audit-proof information for natural and legal persons along with their beneficial owners and use this data for risk classification. If the risk incurred through the customer relation is too high the bank must reject the customer. To this end, Siron®KYC uses third-party databases with ready-to-use interfaces:

  • Sanction and watch lists
  • PEP data (information on politically exposed persons)
  • Information on the companies' beneficial owners

Key functions:

  • Flexible integration with existing customer acceptance processes
  • Compliance with statutory due diligence for risk-based customer acceptance
  • Designer to create dynamic customer acceptance questionnaires
  • Customer information is matched with sanction and watch lists to identify criminals, and with PEP databases to comply with enhanced due diligence for politically exposed persons
  • Automatic retrieval of the beneficial owner for legal entities
  • Real-time risk classification through default and customizable rules
  • Siron®TCR interface for fast and cost-efficient implementation of the CRS and FATCA requirements
  • Standardized data interface to the core banking system to check existing customers

Siron®TCR Tax Compliance & Reporting

Cost-Efficient Tax Compliance

All CRS and FATCA check criteria are part of the default rules in Siron®TCR. The check classifies the customer and account data by CRS/FATCA relevance and irrelevance according to the check rules. Siron®TCR guarantees that relevant reasons for the classification of a natural or legal person are checked continually and that CRS/FATCA related changes are identified. Hits and suspicions are automatically forwarded to the integrated case management. Defined workflows remind customer advisors of contacting their customers to ask for required documents or to clarify the CRS or FATCA status. Siron®TCR disposes of integrated document tracking that monitors deadlines and the validity of the documents. The software also ensures electronic and secure reporting to the national or international tax authorities.

Key functions:

  • Retrieval of relevant customer information from various data sources
  • Integration with existing customer acceptance systems (e.g. SironKYC)
  • Customer-base check through a standardized, yet flexible, interface
  • Compliance with the statutory regulations (CRS, FATCA) for classification of new and existing customers
  • Integration of check rules for CRS/FATCA scenarios and a flexible editor to adjust and extend these rules
  • Workflows for CRS/FATCA cases
  • Audit-proof process logging, including document storage
  • Automatic continuous customer check and reporting of CRS/FATCA related changes as 'change of circumstances'

Siron®RCC Risk & Compliance Cockpit

Visualization, Management and Control of Tax Compliance Measures

The management of compliance risks and activities for all connected national and international departments and subsidiaries requires an up-to-date overview of the important measures. Siron®RCC presents the full picture of tax compliance activities in a unified cockpit. Based on aggregated data from integrated modules such as Siron®TCR, measures are calculated, structured and shown using highly developed visualization techniques.

Key functions:

  • Status reports for customer processing (e.g. new/pending cases, in progress)
  • Statistics on the customer base (e.g. nationality, engagement)
  • Reports on the number of potential tax payers (e.g. which scenarios in what frequency)
  • Result evaluation (e.g. classification of customers, total engagement by group, percentage of recalcitrant customers)