To comply with FATCA, Financial Institutions (Fls) may have to define new processes, implement operational changes, and adopt new technologies. KPMG has developed a comprehensive FATCA onboarding application with features that allow Fls to reduce dependency on their legacy infrastructure and onboard client accounts in a more efficient manner. KPMG's application is designed to manage the end-to-end FATCA lifecycle, including data acquisition, onboarding, remediation, due diligence and reporting. The application enables Fls to consolidate and streamline a number of labor-intensive back-office functions related to FATCA and Chapter 3 of the Internal Revenue Code, Withholding of Tax on Non-resident Aliens (NRA Withholding). In addition, the application includes optional interfaces to related regulations like Know Your Customer (KYC) and Dodd-Frank providing Fls a holistic view of their customer onboarding processes.
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Auditor independence KPMG complies with the auditor independence rules of the AICPA, SEC, PCAOB and DOL. As a result, certain alliance-based solutions cannot be offered by KPMG to our audit clients. KPMG audit clients should check with their respective lead audit partner for more information.