Markit | CTI Tax SolutionsDue diligence

Markit | CTI Tax Solutions offers tools for the solicitation, renewal and validation of Forms W-8 and W-9, know your customer and self-certifications for financial services firms and multi-national corporations.

Customers

  • Banks
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  • Broker dealers
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  • Custodians
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  • Financial Institutions
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  • Fund administrators
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  • Hedge funds
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  • Insurance companies
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  • Multi-national corporations
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  • Online banking and brokerage firms
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  • Private equity firms
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  • Transfer agents

Statistics

  • 70+years of combined subject matter expertise with 1441/FATCA
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Product Summary

Markit | CTI Tax Solutions validation tools:

  • E-W8™

    E-W8™ automates the solicitation, renewal, and validation of Forms W‐8, W‐9 and self-certifications for financial services payments while integrating the document collection process into existing online systems or account opening processes. E-W8™ reduces the burden on the withholding agent’s personnel by monitoring for changes in circumstances and provides flexibility for documenting offshore accounts through the use of know your customer (KYC), written statements, and self-certifications resulting in reduced costs across the full spectrum of the compliance process.

    E-W8™ applications have been awarded an IRS Memorandum of Understanding (MOU) which is the IRS stamp of approval and provides audit protection for participating withholding agents. The initial MOU term is six years.

  • Digital W-8®

    Digital W-8® is the first hosted electronic W-8 solution for multi-national corporations offering all the benefits of our installed E-W8™ application at a significantly reduced cost. Digital W-8® automates the solicitation, renewal and validation of electronic Forms W-8 and W-9 for vendor payments using the same validation engine featured used in our popular MD3® and E-W8™ applications. IRS MOUs are also available for Digital W-8®.

  • MD3®

    MD3® is a web based platform that helps US withholding agents and qualified intermediaries validate US tax Forms W-8, W-9, 8233, self-certifications and KYC documentation as required by the mandatory due diligence, withholding and reporting rules under FATCA.

    MD3® simplifies the process of validating tax and KYC documentation in accordance with IRS regulations, to help withholding agents improve efficiency and reduce cost.

    The complex validation process for Forms W-8, W-9 and KYC documents is distilled into a series of simple “yes” or “no” questions. The withholding agent answers these questions based on information from the applicable tax form, documentary evidence or KYC documentation, as well as the agent’s books and records.

    An audit trail is maintained of the validation history, including questions asked and answered. Validation results and form expiration dates are archived, to allow for retrieval to support resolicitations, tax and management reports, as well as IRS audits. MD3® is regularly updated to align with changes in IRS regulations.

  • Common Reporting Standard (CRS)

    Like FATCA, the CRS will have a broad reach and will create additional obligations for FIs that have businesses in jurisdictions that have signed up for the CRS. We are expanding on our existing due diligence and reporting solutions to enable FIs to address the practical challenges they face in dealing with both FATCA and CRS.

Key Benefits

  • Comprehensive coverage

    Support for IRS § 1441, § 6050W and §1471 (FATCA regulations), as applicable

  • Easy integration

    Integrates the document collection process into your existing online system or account opening process

  • Cost reduction

    Reduces costs across the full spectrum of the compliance process. Ability to effectively manage the need to collect documentary evidence and manage changes in circumstances

  • Accurate

    Our systems perform data comparisons against what the user has provided and the data import by Markit | CTI Tax Solutions, and recognises any errors and place the account in a queue

  • Lower risk

    Simplified validation processes to help reduce the potential for error, which could result in costly penalties for non-compliance

  • Change management capabilities

    Enables withholding agents to employ the most recent tax rules and regulations in their validation processes

  • Audit assurance

    Markit | CTI Tax Solutions tools help firms minimise their audit exposure