Classification of Entities

For classifying the Accounts for FATCA Compliance of entities, the user has to opt for “Classification of Entities” and click on “Process Data”.

The application will perform the following activities as shown on the display under classification of entities:

• US Indicia Checking : The system checks for presence of US indicia in the data and marks those account holders having US indicia in data fields like residential_country_code, Business_country_code, Country_of_Incorporation.
• US Indicia Cure: For those account holders having US Indicia, the system checks for availability of documents to decide on the actual tax residency status in this process.
• Classification Documents Processing :** System checks for availability of documents for the account holders to allot applicable FATCA Status.
• FATCA Status Assignment Process: During this process, the system assigns proper FATCA Status for all the accounts.

At the end of classification of entities, the system generates 2 reports which can be downloaded as xl files:

1. Account-wise FATCA Status File : This file contains the details of Accounts along with the FATCA Status of the account among other details.
2. Customer-wise FATCA Status File : This file contains the Account Holders Details and their FATCA Status for entities.