The following video tutorial will guide users on how to manage the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) data in WealthWorks+, and will show how to export the data to XML, in preparation for automated submission.
Further guidance on how to generate reports in WealthWorks+ can be found here.
Tutorial Transcript
To capture data required for CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act), fine the relevant Entity and select the AEOI tab. If you cannot see the tab, click on the ellipsis icon on the right just below the portlet header bar. This will expand the list of tabs available and you can select AEOI from the list. Once the page loads, you can click on the edit button for the portlet you want to update. Complete the details appropriately and click Save.
(00:39) For individual contacts where US Indicia is used for FATCA reporting you can record US Residence and US Identification (W-8ben and W-9 IRS forms). Go to the Compliance tab and click on the edit button to update the details.
(00:55) All your AEOI data can be exported to assist with your reporting obligations. To generate an export, click on Reporting on the left-hand menu. Once in the report screen, search for AEOI to find the relevant exports available. The exports for CRS Reportable Accounts and FATCA Controlling Persons are also available in an XML format in preparation for automatic submission. For more information on producing reports refer to the 'How to Generate Reports within WealthWorks+' article.