Fenergo Launches New Online FATCA Self-Certification Tool for W-8 and W-9 Form Collection

Fenergo Launches New Online FATCA Self-Certification Tool for W-8 and W-9 Form Collection PR Newswire LONDON, September 3, 2012 LONDON, September 3, 2012 /PRNewswire/ -- New online FATCA Self-Certification solution speeds up FATCA document collection and reviews, reduces compliance costs and ensures more accurate compliance reporting Fenergo, the leading provider of client onboarding lifecycle management solutions for corporate, investment and private banks, has today announced the launch of an online FATCA self-certification tool designed to automate the collection of W- 8 and W-9 forms. The Fenergo FATCA Self-Certification solution will help financial institutions to expedite the data collection process, reduce the cost of compliance and ensure more accurate compliance reporting. Under the imminent FATCA regulation, all Foreign Financial Institutions (FFIs) must conduct an electronic search of their client data to identify the existence of US indicia (e.g. address, residency, zip code, nationality, phone number etc.). Once this search is complete, the FFI must request the completion of W-9, W-8BEN (Ind) or W-8BEN-E forms by clients who have been identified as having a FATCA compliance requirement to ensure the correct tax withholding rate is applied. Fenergo's FATCA Self-Certification solution enables financial institutions to automate the collection of W-8 and W-9 forms through an online submission process.