Consulting firm Navigant has announced the launch of FATCA FIND, an innovative and proprietary software solution capable of serving as the foundation of an organization's Foreign Account Tax Compliance Act (FATCA) compliance.

FATCA, which requires non-U.S. financial institutions to identify U.S. persons who are account holders, outlines a list of key criteria that indicate U.S. status. These data points can often be found in the electronic and paper records associated with each account. FATCA FIND helps global financial institutions search through these records to establish U.S. status or determine whether additional information should be requested to ascertain the account holder's status as a U.S. taxpayer.

“Complying with FATCA will require foreign financial institutions to review tens or hundreds of thousands of accounts for indicia of U.S. taxpayer status and to certify that the reviews have been done correctly,” said Ellen Zimiles, managing director and leader of Navigant's global investigations and compliance practice. “We developed FATCA FIND to bring efficiency and accuracy to that process.”

FATCA FIND, developed with the expertise of Navigant's global investigations and compliance professionals, leverages dynamic decision flow and case management systems to assess the data contained in the various sources whose review is required by FATCA. Additionally, FATCA FIND includes robust reporting options and is fully auditable, enabling clients to certify compliance with FATCA as required by the law.