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KOGER adds automated filing to FATCA and CRS compliance software

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KOGER Inc has enhanced its anti-tax evasion software KURE with capability for automated tax reporting. 

KURE is designed to streamline tax certification, validation and filing for compliance with anti-tax evasion regulations, the US Foreign Account Tax and Compliance Act (FATCA) and Common Reporting Standards (CRS).
 
“The new anti-tax evasion functionality simplifies all of the administrative compliance functions involved with tax forms, authentication and filing. KOGER’s KURE technology is a comprehensive digital solution that automates and streamlines the complex processes involved with anti-tax evasion compliance, as well as financial crime prevention, over the complete investor lifecycle,” says Ras Sipko, KOGER Chief Operating Officer.
 
Anti-tax evasion regulations were enacted to ensure that individuals do not escape paying taxes owed on investments domiciled in countries other than their own. KOGER’s anti-tax evasion capability now provides automated collection and validation of IRS tax and investor self-certification forms, with rules for form validation, and reportable account identification.
 
The technology has real time monitoring to notify its users of any reasons an investor may become non-compliant for FATCA /CRS throughout the investor lifecycle. KURE also validates Global Intermediary Identification Numbers (GINN) with the IRS FFI list, the monthly published list of foreign financial institutions registered, accepted and issued these IDs in accordance with FACTA regulations.  The software provides Taxpayer Identification Number (TIN) format validation and ongoing GINN monitoring.
 
The system also includes automated filing that is compliant with the global automatic exchange of information (AEOI) standard for FACTA, CRS and other treaties. It offers automated XML file creation, business logic integration, full workflow tracking and a full audit trail.
 
KURE is a compliance solution for investor lifecycle management. In addition to anti-tax evasion compliance, the technology services anti-money laundering/know your client (AML/KYC)due diligence covering the lifecycle from investor on-boarding to ongoing monitoring, off-boarding, and reporting.
  

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