BNP Paribas Securities Services has launched a service that helps asset managers meet Foreign Accounts Tax Compliance Act (FATCA) requirements.
Acting as a transfer agent, BNP Paribas offers funds the ability to identify investors into those funds and undertake associated services. It will also generate all requisite fund and underlying investor reports as per the requirements of the IRS and, in all FATCA partner countries, of the national tax authorities, the firm says.
Under FATCA, non-U.S. financial institutions are required to report information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest. It goes into effect from January 2014.
Although the final details of what foreign financial institutions will be required to report have not yet been published, we know in broad terms what is required in terms of data and how to meet the associated processing and reporting requirements, says Philippe Ricard, head of asset and fund services at BNP Paribas Securities Services. Fund evaluation, monitoring and reporting are at the core of our business so we are in an excellent position to help funds and asset managers comply with FATCA. This service is testament to our ongoing commitment to help financial institutions navigate the changing regulatory landscape.
(CG)