CRS & FATCA Compliance Software Insurance Companies | FICO TONBELLER

One Integrated Solution for CRS and FATCA

Tax Comliance & Reporting

With FATCA the USA laid the foundation. OECD continued on this path by publishing in collaboration with the G20 states the international standard for automatic exchange of information on financial accounts. Insurance companies are obliged to check new and existing customers for taxability.

The FICO TONBELLER solution classifies all insurance company customers by their status using the CRS/FATCA scenarios for identification. Customer with scenario hits can be checked fast and efficiently in the workflow-based Case Management. The steps are logged, documents are requested and stored. Tax-related information is forwarded to the internal systems. Extensive evaluation options and reporting to authorities complete the picture.

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

Initial and Continuous Monitoring of Customer Information

FATCA Compliance with Siron®KYC

To protect insurance companies from compliance risks, it is useful to include all persons who are linked to the contract (e.g. claimants) in the compliance programs. In combination with Siron®KYC, a workflow-based application for continuous monitoring of customer information, compliance with statutory regulations is secured and compliance risks are minimized upon conclusion of the contract. Integrated solutions for customer due diligence allow seamless integration with existing processes or systems. Standardized interfaces to third-party databases, sanction and other public lists allow fast implementation of the solution.

Key functions:

  • Customer information is continuously matched with sanction and watch lists, and with PEP databases
  • Automatic retrieval of the beneficial owner for legal entities
  • Real-time customer risk classification
  • Free Definition of risk characteristics within business rules
  • Easy integration in the contracting process
  • Designer to create dynamic questionnaires to capture all information on insurance holder
  • Siron®TCR interface for fast and cost-efficient implementation of the CRS and FATCA requirements
  • Standardized data interface to CRM systems 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. Siron®KYC)
  • 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 the 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)