Preparing for FATCA

By the summer of 2015 more than 90% of Russian banks joined the FATCA

Now they need to how to implement the next steps (grant to the March 30, 2016 data on US tax residents), and prepare for the future requirements of FATCA.
To send the required information to the IRS (Internal Revenue Service United States), you must:
1) identification of all the masses of customers of those against whom there is a suspicion that they are American taxpayers;
2) to collect data from customers, check the information for completeness and correctness;
3) determine the status of FATCA for each client;
4) to check compliance with the requirements of the law 173FZ and ask about the possibility of the Bank of Russia data on the customer;
5) receive the client’s permission to transmit data;
6) to prepare reports on Form 8966 in accordance with the FATCAstatusom;
7) to encrypt, sign and send the data via IDES;
8) control the receipt of reports and correct their acceptance on the American side.
The current requirements for FATCA – is only the first step. From January 1, 2017 banks will have to hold a penalty of 30% of the annual income derived from sources in the United States. This will require a correct count FDAPdohod, keep records of submitted tax returns, to deposit the withheld fines, interact with Russian regulators, etc.
A year ago, after analyzing the whole package of requirements relating to FATCA, the company “ProgramBank” launched a specialized industrial solutions “ProgramBank.FATCA.”
Currently, we are implementing projects FATCA two banks of the Top50, one of which – the bank with 100% foreign capital. By November of this year, when the decision will be put into commercial operation, we will offer the market not only a tool , but existing technologies, which already are solved all possible organizational and technical issues.