Vizor is committed to providing proven, secure and trusted technology for the collection of sensitive data from financial institutions.
Ottawa, Canada (PRWEB) February 10, 2015
Vizor Software, the leading regulatory supervision software provider, today announced the latest FATCA Foreign Financial Institutions (FFI) list reveals that of the top five countries with the most registrations to date, the Tax Authorities of two - the Cayman Islands and the British Virgin Islands - are implementing the Vizor for FATCA & AEOI solution to meet their FATCA reporting obligations.
"We are very pleased to see two of the countries we are working with in the top five," says Conor Crowley, Managing Director and Cofounder of Vizor. "Vizor is committed to providing proven, secure and trusted technology for the collection of sensitive data from financial institutions."
The latest FATCA Foreign Financial Institutions (FFI) list was released February 1, and provides summary and totals of all of the FFIs and branches in approved status for FATCA at the time of compilation (January 26, 2015).
To date, close to 154, 000 organizations from 225 financial centres have been acknowledged by the IRS for compliance with the Foreign Account Tax Compliance Act (FATCA) law.
Top FATCA Registration Listings
1. Cayman Islands: 28,045
2. United Kingdom: 22,022
3. Luxembourg: 7,298
4. Brazil: 5,082
5. Virgin Islands (British): 4,904
Cayman Islands Tax Information Authority (TIA) and British Virgin Islands (BVI) International Tax Authority (ITA) are using Vizor Software to help gather, validate and manage FATCA returns from FFIs for onward transmission to the IRS.
Both organizations will also use the Vizor for FATCA & AEOI solution to gather CRS returns in adherence with the OECD’s global standard for Automatic Exchange of Information being introduced in 2016.
The Vizor for FATCA solution is the second Vizor software product implemented in the British Virgin Islands. In 2014 the BVI Financial Services Commission, the Territory’s single financial services Regulator implemented Vizor Software for the supervision of all onshore and offshore financial institutions.
FFI lists are updated the first day of each month and are available on the IRS website: http://apps.irs.gov/app/fatcaFfiList/flu.jsf
Since 2000 Vizor Software has been the standard for financial regulatory technology. Leading the way in regulatory supervision software, Vizor is trusted by Central Banks and Financial Regulators from around the globe for the collection and validation of highly complex data from Financial Institutions. Serving the needs of financial regulators in more than 20 countries, Vizor is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor simplifies and strengthens financial regulation systems.
To learn more about how Vizor Software can help your tax authority meet FATCA and AEOI reporting obligations, please contact us, visit the Simplifying FATCA & AEOI for Tax Authorities webpage or follow Vizor on Twitter, LinkedIn, Google+ and Pinterest.
About Cayman Islands Tax Information Authority
As the sole, dedicated channel in the Cayman Islands for international co-operation on matters involving the provision of tax-related information, the Tax Information Authority has statutory responsibility in the areas of:
- Tax information assistance under the Tax Information Authority Law (2013 Revision)
- Reporting of savings income information under the Reporting of Savings Income Information (European Union) Law (2007 Revision).
For more information on Cayman Islands Tax Information Authority, please visit
About British Virgin Islands International Tax Authority
The International Tax (ITA) Authority provides a home for all matters relating to cross border tax matters and the Tax Information Exchange Agreements regime.
For more information on the British Virgin Islands ITA please visit http://www.finance.gov.vg/AboutUs/Units/InternationalTaxAuthority.aspx