With the deadline for FATCA only a few days away, consulting service Navigant has partnered with software provider Appway to enhance its FATCA software application which is designed to simplify the reporting process.

With the deadline for FATCA only a few days away, consulting service Navigant has partnered with software provider Appway to enhance its FATCA software application which is designed to simplify the reporting process.

Navigant said in a statement that the Appway platfrom will make its FATCA FIND application quicker to install and easier to configure and enable companies to automate parts of the review process.

FATCA was enabled in 2010 as part of the US government’s plan to curtail offshore tax evasion by encouraging transparency through the collection of information on accounts held by US citizens abroad.

The legislation takes effect 1 July and requires non-US financial institutions to identify account holders who are US citizens and residents and to categorise entity account holders into one of a number of classifications. Failure to do so can incur a 30 per cent withholding tax by the US; the threat of such action has, combined with the compliance cost, encouraged some firms such as HSBC and Deutsche Bank to stop offering accounts to expat US citizens and Green Card holders.

Navigant said that the data points required for this analysis can often be found in the electronic and paper records associated with each account. According to Navigant, FATCA FIND assesses account data as required for FATCA compliance in both intergovernmental agreement and non-IGA countries as well as enabling full traceability and allowing users complete account reviews.

“The 1 July deadline for complying with FATCA is quickly approaching and enforcement will follow. Financial institutions need strong, proven technology to help them review hundreds of thousands of accounts for compliance,” states Ellen Zimiles, Managing Director and leader of Navigant’s Global Investigations and compliance practice.