PricewaterhouseCoopers (PwC) is partnering with Pnueron, an enterprise software provider, to create a software for data extraction and regulatory compliance, including compliance with the Foreign Account Tax Compliance Act (FATCA).
FATCA, a 2010 law intended to stop tax evasion by U.S. citizens with assets abroad, will have far-reaching operational requirements for financial institutions. The rules are expected to be finalized this summer, and implementation is scheduled for Jan. 1 2013, although many firms are not ready, a Thomson Reuters survey found in June.
The Pnueron software will integrate and package legacy data and maps distributed points of value and data without the need to develop the database. It is intended to fulfill FATCA requirements such as pre-existing account due diligence, and assist with legal entity identifiers requirements, fraud, anti-money laundering, credit risk and customer golden copy structures.
“Our clients are facing escalating costs and risk as they try to bring together a range of proprietary and competing data and information silos to comply with increasingly complex business and regulatory challenges, says Steven Crosby, PwC Americas wealth leader. This new platform will pave the way for operational efficiencies and better business intelligence while helping institutions more effectively manage their risk and compliance obligations.”
“This is ground-breaking, game-changing technology for the financial services industry,” says Simon Moss CEO of Pneuron. We can take data from any source or legacy technology and make it globally available, reliable and interoperable with any other source or technology. This fundamentally changes the playing field of enterprise business competiveness.”
(OS)