Despite stepped-up efforts, financial institutions and insurers are struggling to cope with the increased demands of new anti-money laundering and tax regulations, according to a recent survey by Pegasystems Inc. (NASDAQ: PEGA), the leader in Business Process Management (BPM) and software for customer centricity. The survey found that several organizations are still far away from implementing Foreign Account Tax Compliance Act (FATCA) regulations, and many don’t have enough visibility into existing due diligence and Know Your Customer (KYC) processes for customers globally and across lines of business.
In fact, two-thirds of all respondents said they either have little or no visibility into these key compliance aivities. Nearly half, or 44 percent, said they are still learning about FATCA versus actively implementing solutions to address the law, which shifts the onus of identifying U.S. account holders for tax reporting and compliance onto foreign financial institutions and other foreign entities and will take effect in early 2013.
Detailed news link: here
