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Atlas Fund Services Offers Markit’s FATCA Compliance Solution to Clients

10 March 2015
Atlas Fund Services
Atlas Fund Services Offers Markit’s FATCA Compliance Solution to Clients

Atlas Fund Services (ATLAS) today announced that it is offering clients a comprehensive solution for compliance with the Foreign Account Tax Compliance Act (FATCA). The solution offered by ATLAS will be delivered by the FATCA Service Bureau, a joint service from Markit and Compliance Technologies International (CTI).

FATCA requires non-U.S. foreign financial institutions (FFIs) and non-U.S. non-financial entities to identify and disclose their U.S. account holders and members. To avoid penalties from the US Internal Revenue Service, funds must identify their investors more thoroughly, even if they hold only non-US bank and securities accounts. It is estimated that the law will impact over 300,000 financial institutions and their funds across virtually every asset class.

With the FATCA Service Bureau, ATLAS is offering clients a one-stop solution to FATCA compliance that will classify funds and their investors, validate client documentation, electronically register FFIs, calculate withholdings on behalf of funds and handle annual reporting to the IRS. “We have partnered with the best in the business to offer our clients a full service turn-key FATCA compliance solution at a cost effective price,” says Danique Sprock of Atlas Fund Services.

“It is an advantage for the funds industry that forward-looking administrators, like ATLAS, are seeking out solutions to the challenge of FATCA compliance. The service we will offer via ATLAS makes registering with and reporting to the IRS as seamless as possible,” said Lansing Gatrell, Director and Co-Head of Markit Counterparty Manager, the Markit service that together with CTI forms the FATCA Service Bureau”.