Dion Global Solutions, technology partner to the financial services industry, has been chosen by Bank of Beirut which informed that it will be deploying Dion Global Solutions’ FATCA TRAC application to assist with its internal FATCA compliance program. The solution will be implemented by Dion and its partner, IDOM Middle East LLC.
FATCA TRAC is a comprehensive FATCA compliance solution covering all aspects of FATCA -from classification to reporting and payment. Its modular design enables firms to deploy only the elements they require, integrating with proprietary or third party systems where appropriate.
FATCA is Foreign Account Tax Compliance Act recently applied by the US, which addresses the avoidance of tax by US persons overseasand places a heavy burden of tax reporting and compliance onto financial institutions. This new law requires financial firms to implement considerable enhancements to their processes and systems relating to the collection and reporting of client information.
Dion Global Solutions provides market leading software to financial situations across the globe. Employing over 600 highly experienced and knowledgeable staff within the Finance and IT industries, Dion’s solution covers portfolio management, trading, settlement, risk management, compliance, analytics, messaging and workflow and research services and information products.