July 21, 2014
Alter Domus Improves Client On-boarding with Adoption of Thomson Reuters FATCA Solution
NEW YORK/LUXEMBOURG - Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced that Alter Domus, one of its long-term clients and a leading provider of fund administration and fund services, has adopted Thomson Reuters FATCA solution across its services platform to improve client identification and on-boarding in order to comply with the FATCA legislation.
The Foreign Account Tax Compliance Act (FATCA), which came into effect on July 1, 2014, is intended to reduce the levels of tax avoidance by U.S. citizens and entities through foreign financial institutions (FFIs).
"We are delighted to be working with Thomson Reuters to provide a FATCA solution that helps our clients through the initial stages of identity and on-boarding, to the concluding compliance and reporting process," said Benoit Dewar, head of FATCA Services at Alter Domus. "Our clients are looking for trusted partners that can deliver tested solutions that meet their growing regulatory needs. Not only has Thomson Reuters delivered a solution that solves our clients' needs, we also are proud to have a trusted relationship with Thomson Reuters."
Thomson Reuters FATCA solution is an innovative, efficient way for financial services companies to mitigate the risk of non-compliance with U.S. withholding documentation and FATCA self certification requirements, typically forms W-8 and W-9, concerning U.S. source income. The Thomson Reuters FATCA solution tackles the three main requirements of FATCA and can be used individually for each phase or collectively:
- Identity - categorises, identifies and classifies for FATCA
- Compliance - streamlines ongoing compliance
- Reporting - automates reporting
"Firms like Alter Domus are facing increasing reporting, regulatory and compliance demands," said Laurence Kiddle, managing director, Corporate Markets (EMEA) for the Tax & Accounting business of Thomson Reuters. "We are pleased to be working closely with Alter Domus to provide a solution that helps them to meet their needs and allows them to grow their business while enhancing their customer experience and enabling their clients to meet FATCA requirements."
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to www.thomsonreuters.com.
About Alter Domus
Alter Domus is a leading global provider of Fund and Corporate Services, dedicated to private equity houses, real estate firms, multinationals, private clients and private debt managers. Our vertical integrated approach offers tailor-made administration solutions across the entire value chain of investment structures, from fund level down to local Special Purpose Vehicles. Founded in Luxembourg in 2003, Alter Domus has continually expanded its global service offer and today counts 28 offices and desks across four continents. This international network enables clients to benefit globally from the expertise of more than 650 experienced professionals active in fund administration, corporate secretarial, accounting, consolidation, tax and legal compliance and debt administration services. We are proud to serve 17 of the 30 largest private equity houses and 16 of the 30 largest real estate firms in the world.
For more information go to www.alterdomus.com , http://www.alterdomus.com/SpecialistTeams/FATCA.aspx