Infosys Forward Compliance System, part of Infosys Onboarding Suite, enables enterprises to effectively manage and monitor complex regulatory compliance requirements around Foreign Account Tax Compliance Act (FATCA) and its various Inter-Government Agreement (IGA) flavors.
FATCA, a US legislation to address tax evasion by US persons through investments in offshore accounts, requires financial institutions to report information on its US customers to the IRS (Internal Revenue Service). Implications of ongoing discussions between the US and the governments of other countries could be the start of a reciprocal basis of information exchange and tax transparency among governments. The flexible framework of the product helps financial institutions meet their FATCA related compliance program effectively, regardless of region, geography or line(s) of business, and with minimal impact to the business and the customer.
Infosys Forward Compliance System is a non-intrusive system that easily adapts and integrates with the client enterprise setup and can support a centralized, decentralized or hybrid style of FATCA implementation approach. The product automates and streamlines data transformation — data capture, enrichment with consolidation and helps with account identification and classification, IRS regulatory reporting and withholding requirements. It is built on a comprehensive rule-based framework with workflow functionality, making it amenable and agile in responding to new or evolving regulatory requirements like FATCA and its various IGA flavors.
Infosys Forward Compliance System comes with pre-configured business rules, workflows and case management capabilities that can be configured to support the financial institution’s existing business workflows. The workflows help with account classification, remediation and the necessary customer contact management and document management. The product offers detailed auditing and notification facilities along with a rich dashboard that provides real-time compliance status and unified view of accounts falling under different stages of classification or remediation processing. Apart from providing periodic reports to the IRS, FATCA partner tax authorities or local tax authorities, the product also provides standard and customized Management Information System (MIS) reports for efficient monitoring and internal reporting.
Infosys Forward Compliance System is available as a standalone product and as an integrated offering with Infosys Account Origination System.
Infosys Onboarding Suite
Infosys Onboarding Suite helps enterprises, simplify the onboarding of customers and other entities by automating and streamlining the onboarding process and managing regulatory compliance. The suite provides enterprise-class onboarding capabilities across different stakeholders, products and channels, and makes available a centralized system that takes care of the account origination, due diligence, and compliance requirements. Infosys Onboarding Suite has a flexible and comprehensive decision-based risk framework with enhanced reporting capabilities, designed to assist enterprises in complying with both existing checks like KYC and AML, as well as help comply with evolving regulations like FATCA.
Infosys Onboarding Suite comprises of two products viz., Infosys Account Origination System and Infosys Forward Compliance System.
Infosys Account Origination System provides businesses with enterprise-class onboarding, along with data capture and due diligence capabilities to automate decision making and fulfillment.