Nova Solution: FATCA Reporting Requirement
The March 31st deadline for Financial Institutions to submit their files under the Foreign Account Tax Compliance Act is approaching and local software development company Nova said they have a solution to assist with the validation, upload and encryption of these files.
“Nova has developed its custom tool, FATCA Express, to assist Foreign Financial Institutions [FFI’s'] in submitted their reporting requirements. FATCA Express is a turn-key solution that takes report data and formats it into IRS requirements,” the company said.
“It produces a report in the mandatory IRS XML format which is then validated, encrypted and signed with the IRS provided certificate for submission and uploaded to the IRS. Should a larger financial institution have more complex needs, Nova is also able to assist with the data extraction to create the XML or create a custom solution to assist with reducing administration and finance team time.
“Examples of Nova’s local track record of Compliance and Regulation specific software development includes Quantum SRS, a Shareholder Registry tool which has been in the market since 2006, which as well as reducing time to administer corporate actions and automate vesting periods, also maintains statistics providing share issuers assurance that they are compliant with corporate regulations.
“Quantum SRS also enables Know Your Client [“KYC”] record keeping against private shareholders, trusts, corporate and nominee accounts. Quantum SRS was also developed with US GAAP and the reporting requirements of ASC 718 [formerly FAS 123[R]] in mind. The specialty application of these solutions showcases Nova’s ability to create efficient software solutions that save and create companies time and money.
“To learn more about how FATCA Express can make it easier for your company to validate, upload and encrypt the FATCA Reporting Requirements, or for assistance with Data Extraction, please see the attached Data Sheet, or e-mail your enquiry to Nova at info@nova.bm.”
Instead of paying money for this FATCA tool, I think that readers should be aware of and support our lawsuit in Canada against the “agreement” signed between Canada and the United States to implement FATCA.
Bermudans can also bring forward a lawsuit against their own Government for giving into a threat of economic sanction imposed by the U.S.
Stephen Kish
Chair,
Alliance for the Defence of Canadian Sovereignty
http://www.adcs-adsc.ca