Are you a FFI (foreign financial institution) worried about the new FATCA regulations that went into effect on the first day of January 2013?

If so, Thomson Reuters has an app for that.

The company has unveiled a FATCA compliance kit to help financial institutions comply with the US Foreign Account Tax Compliance Act, or FATCA. This legislation mandates that FFIs identify individual US tax liability among their customers, and report it to the Internal Revenue Service.

According to the European Banking Federation, FATCA will cost those FFIs with more than 25 million accounts $250 million or more to implement. The Thomson Reuters for FATCA Solution allows banks to take advantage of established regulatory and tax problem-solving technologies to ensure compliance, proper reporting, and documentation.

See Thomson Reuters in their most recent Finovate demo here.