READING, UNITED KINGDOM--(Marketwire - Mar 25, 2013) - Trillium Software®, a business of Harte-Hanks, Inc. (
A panel of expert speakers will share their experience of how best to tackle these and other challenges of FATCA compliance: Andy Roberts is FATCA project lead at Prudential; Jon Asprey is vice president of strategic consulting at Trillium Software; Andy Lane is a barrister and independent FATCA consultant.
The full topic list for the session includes:
- Final IRS regulations: what are the implications for FATCA programmes?
- Proceeding with certainty: where is official clarification still needed?
- Dealing with multiple IGAs: how can firms manage the complexities?
- The data challenge: how are firms tackling data gaps?
- Sharing best practice: what lessons can FFIs learn from each other?
- Onboarding: how can processes be changed without harming the customer experience?
- Staying on track: what stage should FFIs be at now in order to meet the final deadlines?
- 2014 deadlines: will firms struggle? What would be the consequences of non-compliance?
Many financial firms could struggle to become FATCA-ready by the 2014 deadline. Foreign financial institutions are required to accurately identify, classify and report all clients with US indicia to the US Internal Revenue Service, or face severe penalties. Compliance can be complex, resource intensive, and pose risks to important client relationships.
At least nine nations have now signed or initialled Intergovernmental Agreements (IGAs) with the US Treasury, including the United Kingdom, Ireland, Norway, Denmark, Spain, Switzerland, Italy, Germany and Mexico. With 50 or more countries engaging with the Treasury, more signatures will follow. FATCA is sure to become a reality and institutions would be well advised to assess their ability to comply. In doing so now, they should then be able to scope, plan and resource necessary work in good time to ensure they possess the necessary high-quality client information to support compliance and ease the burden on their clients.
"Recently the Trillium compliance team highlighted for one institution that as many as 100,000 accounts appear to have data issues needing manual investigation before they can be confidently verified as either subject to, or not subject to FATCA," said Asprey. "That's potentially many thousands of hours of work, but at least that bank can now plan to put such resources in place and in good time for 2014 compliance."
To register for the webinar, please visit http://marketforce-fatca-update-webinar.streamuk.com
About Trillium Software
Trillium Software® is a business of Harte-Hanks, and the leading best-of-breed enterprise data quality software and services provider in the world. Trillium's data quality experts help organizations achieve increased business value from their global data management initiatives by providing enterprise data profiling and data cleansing software solutions that collaborate with existing data systems and applications.
Trillium's data quality suite of products enable business executives and information technology professionals to profile, govern, manage, cleanse, and visualize data for CRM, MDM, regulatory and compliance, data warehouse and business intelligence initiatives. The company offers industry-specific business solutions that help solve data problems experienced by financial services, insurance, risk, healthcare and retail professionals. For more information about Trillium Software and its offerings, call (978) 436-8900 in the United States and in the United Kingdom call +44 (0) 118 940 7666, or visit Trillium Software online at http://www.trilliumsoftware.com.
This document may contain trademarks that are owned or licensed by Harte-Hanks, Inc. and its subsidiaries, including, without limitation, Trillium Software®, Trillium Software System®, Total Data Quality™, and other names and marks. All other brand names, product names, or trademarks belong to their respective holders.