Convey Compliance Systems enhances FATCA Compliance with New GIIN Verification Capabilities

MINNEAPOLIS, Oct. 29, 2014 /PRNewswire/ — Convey Compliance Systems recently expanded its Taxpayer Identification Number (TIN) Management Services to include Global Intermediary Identification Number (GIIN) verification. This update allows users to manage client GIINs by comparing them against the most recent IRS published list.

The new GIIN Verification capabilities are an integral tool for maintaining compliance with the Foreign Account Tax Compliance Act (FATCA), which has expanded tax reporting to a global stage. Among the new obligations under FATCA, organizations are required to verify the status of foreign financial institutions (FFIs) they do business with. Organizations will be able to use Convey’s GIIN verification to accomplish this goal, which will be in addition to existing data quality processes.

The IRS assigns GIINs to FFIs after they register and are approved via the FATCA registration website. The agency then publishes a list of these FFIs with their most recent, updated status. FFIs statuses will not remain static and are subject to change throughout the year. Therefore, organizations must continually verify an FFI’s GIIN status against the most recent IRS published list if they are to remain compliant. With Convey’s GIIN verification, organizations will be able to match their payee data against the most current IRS list to help ensure accurate reporting according to FATCA regulations.

“Offering our clients GIIN verification demonstrates Convey’s commitment to staying ahead of new regulatory requirements,” Jeff Cronin, Convey’s VP of Product Strategy stated. “For many organizations, the complexity of FATCA requirements can present obstacles, and as the landscape of international tax information reporting continues to expand, businesses should consider utilizing technology that can quickly adapt to regulatory demands and changes.”

Financial organizations can now leverage a centralized and flexible tax reporting technology platform like Taxport with the GIIN verification service to check payments to FFI’s in real-time against the current GIIN list, which may reduce exposure to penalties and withholding risk by catching and correcting inaccurate data before payments are made.

About Convey

For nearly thirty years, Convey Compliance has provided technology and services to improve compliance and reduce costs related to tax information reporting. Convey is at the forefront of the industry for providing third-party reporting technology and services to over 2,000 clients. In June of 2014, Convey merged with Taxware, a global provider of sales, use and value-added tax (VAT) software. Together, the two companies create a comprehensive portfolio of technology products and services designed to simplify tax