Synergy Software Systems

Archive for September, 2013

FATCA – is it location specific?

September 7th, 2013

Is FATCA location specific?

Each country will enter into agreements with the IRS to apply FATCA within its borders. Problems may arise when local laws are in place which make it difficult for FFIs to report the required data. These U.S. FATCA obligations may conflict with: local regulatory, privacy, disclosure or other laws (including enforcement of non-local revenue laws).

Furthermore, due to confidentiality or disclosure prohibitions it may not always be possible for banks’ subsidiaries outside their home territory to share account information with their domestic counterparts. Such conflicts between laws may raise difficult issues that will need to be brought to the attention of the authorities for resolution.

So far agreements have been signed by the U.S.A. with several countries including: the UK, Switzerland, Germany and Italy while negotiations with several other countries are in the finalisation stage.

How can BRSANALYTICS help?
Financial institutions are facing a number of challenges to become compliant to the FATCA regime. It is imperative that business processes and internal systems are examined in detail to work out a way of how to identify and classify transactions involving U.S. citizens. This should be carried out as soon as possible as the FATCA regulations will come into effect later this year when FFIs have to register for compliance.
Once internal business and source system reviews are in progress, BRSANALYTICS forms an integral part of the compliance process. The solution will address these reporting requirements by identifying customers or transactions that should be flagged from a reporting perspective by running configurable Business Rules on imported data from source systems

In addition, due to the in-built Business Intelligence reporting functionalities, BRSANALYTICS will also help institutions identify any erroneous data and improve internal upstream systems which generate the required customer data and transaction details. Metrics will be available on transactional volumes and size, broken down by region, customer type and nationality.

Come to our free half day seminar: 18 September in Dubai to learn more about FATCA, Basel lll and the challenges of regulatory reporting and how BRSANALTICS was built to provide specifc regulatory compliance reporting.for the banking industry.

Call Sharmili : 0971 4 3365589

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Posted in Corporate Perfomance Management, Dubai and regional news, Events, General Synergy News, Security and Compliance

Ease the pain of FATCA compliance – Synergy Software Systems

September 4th, 2013

Regulatory challenges are ever more stringent with BASEL lll and FATCA raising the complance bar for bank reporting. Come to our free seminar to learn more and to find out how BRSANALYTICS will help.

BRS ANALYTICS Seminar, Dubai

Where: Microsoft Gulf FZ – LLC, Palm Room, Building no. 8, Dubai Internet City, Dubai, U.A.E.

When: 0900-1300 18 September 2013

To Register : please email events@synergy-software.com or call Sharmili Shende on 0097143365589

View on line: http://www.brsanalytics.com/news-events/18-computime-and-synergy-software-to-host-half-day-seminar-on-basel-iii-and-fatca.html

FATCA, which was ratified by the U.S. Congress in March 2010, is designed to curb tax abuses by U.S. persons who hold assets through offshore accounts or structures. It introduces a complex withholding tax system which penalises non-U.S. financial institutions and other entities that refuse to disclose the identities of their American clients FATCA comes into force in several countries in 2013, and reporting on U.S. accounts starts in 2014.

FATCA requires non-U.S. foreign financial institutions (FFIs) and non-U.S. non-financial entities (NFFEs) to identify and disclose their U.S. account holders and members or become subject to a new 30% U.S. withholding tax (the FATCA withholding tax) with respect to payments of U.S. source income and proceeds from the sale or disposition of U.S. stocks and securities.

Who does FATCA impact and how?
FATCA is mainly targeted at FFIs. Under FATCA, FFIs will have to:
1. Enter into agreements with the IRS under which they will be bound by a number of reporting obligations
2. Determine whether an account is a U.S. account by obtaining sufficient information from account holders
3. Identify U.S. account holders and report electronically on an annual basis information regarding their assets as well as the name, address and U.S. taxpayer identification number (TIN) of all U.S. persons, their account number, account balance, the net payments in favour of the account and the net withdrawals/payments from the financial account (U.S.& non-U.S.)
4. Obtain a waiver from each accountholder if required by the law of the FFI’s country

BRSANALYTICS will be an important final part to the puzzle for those institutions that aim to become fully compliant with FATCA and carry on their business activity with minimal or no adverse repercussions.

This is the first of a two part article.

(See us at Gitex in Hall 7, on stand 0710)

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Posted in Corporate Perfomance Management, Dubai and regional news, Events, Microsoft, Security and Compliance

BI4DYNAMICS – Dubai Seminar for Dynamics Nav partners – 18 September 2013

September 4th, 2013

Free seminar with BI4DYNAMICS for Dynamics NAV Navision partners:
Location: Palm Room, Microsoft Gulf, Dubai Internet City, Dubai
Date: 2-5 pm 18 September 2013

BI4Dynamics is one of the most comprehensive and cost-effective business intelligence solutions on the market today. Let BI4Dynamics do the hard work! Pre-built data warehouse and reports

BI4Dynamics – BI Solution for Microsoft Dynamics
Wizard + Data Warehouse + OLAP Cubes + Prebuilt Reports

Complete: Covers all Microsoft Dynamics AX/NAV application areas; Sales, Receivables, Inventory, Manufacturing, Jobs and Resources, Payables, Purchase, General Leger, Fixed Assets, Warehouse Management, Sales Orders, Purchase Orders, Service Management.

Vertical solution supported:
BI4Dynamics for LS Retail,
BI4Dynamics for Pebblestone Fashion
BI4Dynamics for IEM from To-Increase.

• Risk free: Free Trial on the complete product – working with your real data.
• Flexible: 5-step, Customization Wizard.
• Ready to use: 100 prebuilt reports in Microsoft Excel.
• Cost-effective:
• Out-of-the box: Up and running in couple of hours.
• Global: Translated in 21 languages, sold by 150 partners.
• Local: Distributed through BI4Dynamics Middle East, Dubai.

BI4Dynamics will also be on the Microsoft stand at Gitex

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Posted in Events, Microsoft

Dubai and India governments ban private emails at work

September 1st, 2013

Government workers in India will soon be banned from using Google’s Gmail service for official communication in a move said to be in response to revelations of widespread cyberspying by the US, a national paper reported.

Two weeks after Dubai announced a ban on private emails by Government staff, a senior official in India’s Ministry of Communications and Information Technology said the crackdown would apply to 500,000 government employees, according to The Times of India.

. It emerged last month that Dubai government employees are banned from sending and receiving private emails at work, including the use of independent email providers such as Hotmail, Yahoo! and Gmail.
The new regulations announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and ruler of Dubai, specifically referred to religious and political communication as well as messages relating to charitable causes.

Workers are also not allowed to open unsolicited mail, spam or emails that contain viruses, or alter the date, time, source of destination information on an email.