Offered as a standalone installation or as an add-on-feature to the normal en.SafeWatch Profiling solution by EastNets, the en.SafeWatch FATCA is also being developed to meet other countries’ taxation laws in the future aside from supporting tax evasion regulations in the US.
Hazem Mulhim, CEO EastNets, said, “The en.SafeWatch FATCA has been developed to provide a practical and easy-to-use solution for financial institutions to comply with the US Foreign Accounts Tax Compliance Act. The US and other governments are now actively bolstering and enforcing tax evasion laws to prevent the proliferation of such criminal activities. This has created new challenges for financial institutions as they deal with additional requirements that are affecting the currently implemented policy and procedure as well as the technical and the informational technology platform enhancements.
“In this regard, en.SafeWatch FATCA provides a unified solution to address the new challenges without burdening financial institutions with substantial upfront technology investments. Moreover, en.SafeWatch FATCA has been optimised for ease-of-use as it does not require advanced IT expertise to be configured.”