FATCA procedures (list)

Click Settings > Lists > Application configuration > FATCA procedures.

The following table outlines the standard stored procedures and the indicia being checked. 

Stored procedure 

 Purpose and results

 FATCA_CheckHasAddressInFATCACountries

 Description

 Number of addresses in [FATCA Country]

 Purpose

 Check all addresses linked to the business party and return the number of addresses with a country = [FATCA Country].

 Result

 nn Addresses in [FATCA Country] or OK if pass

 Pass/Fail

 Pass if zero else Fail

 FATCA_CheckOnlyAddressIsPOBox 

 Description

 Street address provided

 Purpose

 Check all address linked to the business party and count how many has Address1 <> null

 Result

 If result > 0 then “OK” else “No street address provided”

 Pass/Fail

 Pass if > zero else Fail

 FATCA_CheckRelatedPartyCompliancy 

 Description

 Are related parties FATCA compliant

 Purpose

 Check the FATCA status of related parties where relationship type in (Director, Secretary,Partner, Account holder, Settlor, Beneficiary, Beneficial owner), count how many unique relatedparties there are and how many has a status not in (‘FATCA compliant’, ‘Non-FATCA confirmed’).

 Result

 xx out of yy Related parties are FATCA compliant or OK if xx = yy

 Pass/Fail

 If xx = yy then Pass else Fail.

 FATCA_DoNotEmail 

 Description

 “Do not mail” check

 Purpose

 Check if business party has the “Do not mail” flag set

 Result

 If flag is set then “Do not mail flag is set” else “OK”.

 Pass/Fail

 If flag is set then fail 

 FATCA_GetDoNotMail 

 Description

 “Do not email” check

 Purpose

 Check if business party has the “Do not email” flag set

 Result

 If flag is set then “Do not email flag is set” else “OK”.

 Pass/Fail

 If flag is set then fail

 FATCA_GetHasFATCARegisteredOfficeAddress

 Description

 Check address of registered office

 Purpose

 Only perform check for Company, Fund, Partnership or Organization. Check if the country code ofthe RO address = [FATCA Country]

 Result

 Registered office in [FATCA Country] or “OK”

 Pass/Fail

 Pass if RO country <> [FATCA Country]

 FATCA_GetCountryOfIncorporation 

 Description

 Check countries of interest

 Purpose

 This function checks if a business party has any countries = [FATCA Country]For Company, Fund and Organization: Check jurisdiction and country of incorporationFor Trust and Foundation: Check jurisdiction and proper law countryFor Individual: Check jurisdictionFor Partnership: Check jurisdiction and country of establishmentFor Person: Check countries of birth, residence, citizenship andtax responsibility.

 Result

 xx of yy countries match [FATCA Country] or OK if xx = 0

 Pass/Fail

 If xx > 0 then fail.

 FATCA_GetHasFATCAAuthorisedSignatories 

 Description

 Check authorized signatories

 Purpose

 Look for relationships of type Authorized signatory and determine how many have a status not in(‘FATCA compliant’, ‘Non-FATCA confirmed’).

 Result

 xx out of yy authorized signatories are FATCA compliant (or “OK” if yy = 0)

 Pass/Fail

 If xx = yy or yy = 0 then Pass. 

 FATCA_GetHasFATCAPowerOfAttorneys 

 Description

 Check power of attorney

 Purpose

 Look for relationships of type Power of Attorney and determine how many have a status not in(‘FATCA compliant’, ‘Non-FATCA confirmed’).

 Result

 xx out of yy appointees are FATCA compliant (or “OK” if yy = 0)

 Pass/Fail

 If xx = yy or yy = 0 then Pass.

 FATCA_GetTotalAssetsUnderManagement 

 Description

 Determine assets under management

 Purpose

 Calculate total current market value of all client accounts – zero for Person and Organization.Convert to the base ccy of the MI.

 Result

 CCY999,999,999.99

 Pass/Fail

 Pass if aum < US$1,000,000