A comprehensive anti-money laundering (AML) framework provides a broad set of capabilities to orchestrate, execute and manage a FATCA program – and more broadly, a comprehensive tax evasion program.
The continued global focus on the issue of tax evasion means the perpetual quest for regulatory compliance has never been more complex or time consuming. As organizations comply with the U.S. Foreign Account Tax Compliance Act (FATCA), and look forward to reciprocal legislation in other jurisdictions, many recognize similarities between the processes and technologies required to meet tax evasion regulatory compliance and AML regulatory requirements.
AML and FATCA compliance have a lot in common:
- The identification of suspect customers based on certain risk factors
- A thorough investigative process and workflow
- The reporting of results to regulators
Adding tax evasion compliance capabilities to an existing AML infrastructure can empower financial institutions to implement robust protocols while also promoting significant cost savings. It's a win-win proposition.
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