Multitek launches tool for FATCA regulation
FATCA-TRAC has the advantage of being a ‘software’ that is already installed, tested and running in ten institutions globally
Multitek recently launched a tool that automates the entire process associated with the regulation of US law or FATCA ‘Foreign Account Tax Compliance’.
FATCA-TRAC, created for banks and financial institutions in Panama and Latin America, unlike other tools available on the market has the advantage of being a software that is already installed, tested and running in ten institutions globally.
The tool is able to handle all financial institutions associated with a bank or an economic group using the same standardized procedures, ensuring compliance with FATCA at group level.
FATCA-TRAC is also designed to manage, from a single instance, multi-country operations, with different models of intergovernmental agreements and automatic exchange of information.
Multitek product integrates easily with existing systems and operates within the bank to comply with all control systems and data security already installed within the bank.
This system can also be offered from the cloud with full protection and security of access to customer data and accounts, restricting their access to only pre officers and duly authorized by the bank.
When generating the information to be reported, the software integrates the IRS reporting system (United States Department of the Treasury).
Multitek president, Daniel Bettsack, said that this service is offered only three companies in the world.
It is a treaty between the authorities of the signatory countries.
More than 95 countries have committed to participate in the automatic exchange of information.