Dion Global Solutions, the India-listed financial technology firm, has rolled out a service designed to help firms check the effect that sweeping US anti-tax evasion laws known as FATCA will have on their business.

The company has launched what is called the FATCA (Foreign Account Tax Compliance Act) TRAC Indicia Check Service. As published elsewhere by this website, the US authorities have recently issued final regulations on how the legislation will work.

The FATCA TRAC Indicia Check Service, built with Dion’s partner Mahindra Satyam, takes a full or sub-set of client data, either in a pre-defined format or a format of the firm’s choice. This analysed data is provided to the firm as dashboards, offering visualisations of client categories and results. Firms can then check specific account details and interrogate any US-related information that is found.

The FATCA Act, which requires foreign financial institutions to show they have systems in place to check for US clients and connections, imposes a 30 per cent withholding tax on firms not considered compliant with the rules. FATCA has been blamed for some large banks choosing to turn away expat US clients for being too expensive to serve.