Group Request Reporting: the solution for FATCA group requests
Developed together with banks, and tailored to the needs of compliance departments, our product "Group Request Reporting" is the reliable solution for FATCA group requests.
Continuously updated, the product fulfils all requirements according to the latest specification of the Swiss Federal Tax Administration FTA: "FATCA Information Delivery - Technical Specification and User Guide".
What does the group request process look like?
Since 2019, the double taxation agreement between Switzerland and the USA has given the US tax authority, IRS, the right to request administrative assistance in the form of group requests. Client information can be requested by the IRS retroactively up to 2014.
If the FTA receives a group request, it forwards it to the Swiss financial institutions involved. These institutions then have 10 days to identify affected persons (so-called non-consenting US accounts or non-participating FIs) and to transmit the required information to the FTA in a specified form. There is little time for compliance officers and their teams to perform this process manually without errors. This process is predestined to be digitised. We would be happy to show you how.
FTA-compliant transmissions in 5 steps
- Initial data entry: Collect data manually or by importing from the core banking system.
- Generate information packages: According to the SIF specifications, a package contains the FATCA-XML, the SEI-XML and a PDF with the documentation. All 3 files are combined to a ZIP file; one per person per year.
- Create delivery file: The information packets are assembled in a "Delivery File" as a ZIP and encrypted using AES256 bit.
- Send decryption information: The "FATCA Credential Form" must be sent before the delivery file is sent. The PDF contains the passwords and is created automatically in the process.
- Send delivery file to the FTA
Advantages of this solution
Our reliable solution, "Group Request Reporting" enables financial institutions to prepare and transmit the required information in a timely, compliant and efficient manner. The web-based product can be easily integrated into existing banking systems.
Complaint & tested
This standard product is fully tested and SEI compliant with validation of SEI-XML and consistency check against FATCA-XML. Once in operation, we are also happy to take over the technical and business maintenance of the solution for you.
Simple & efficient
The simple process of creating the required files is tailored to the user. Once data has been entered, it is always available for future requests. A complete audit trail is also guaranteed.