Qualified Intermediary
Qualified Intermediaries are leveraging automated regulatory solutions to streamline due diligence, enhance compliance and efficiency, and boost confidence in procedures while reducing QI Agreement compliance risks.
Qualified Intermediary's Compliance with its QI Agreement
A Qualified Intermediary enters into an agreement with the IRS to manage tax documentation, withholding, and reporting obligations for its clients. Their responsibilities, include identifying account holders' tax residency, collecting and validating tax documentation, withholding the correct amount, filing IRS reports, and conducting compliance reviews.
Compliance Challenges for Qualified Intermediaries
Stringent Due Diligence
QIs must meticulously verify client data, income sources, and tax documentation.
Complex IRS Regulations
Compliance with Chapter III (NRA) and Chapter IV (FATCA) adds layers of complexity.
High Penalties for Errors
Incorrect withholding or reporting can lead to substantial fines.
Stringent Due Diligence
QIs must meticulously verify client data, income sources, and tax documentation.
Complex IRS Regulations
Compliance with Chapter III (NRA) and Chapter IV (FATCA) adds layers of complexity.
High Penalties for Errors
Incorrect withholding or reporting can lead to substantial fines.
Streamline processes and prove robust regulatory compliance
Meet your regulatory and reporting requirements efficiently while saving costs, reducing risk, and enhancing the experience for customers and investors. By automating and streamlining processes such as tax classification and form validation, tax withholding calculation, and tax reporting, QIs can navigate complex QI regulatory landscape with ease.
Validate and Remediate customers at scale
Achieve significant time and cost savings by validating and digitizing all typed and handwritten tax forms in our centralized back office portal. Streamline form validation and remediation using our scanned module and leading proprietary OCR algorithms.
- Improve operation efficiency and data reliability of form review validations
- Converting data to digital format allows the rules engine to perform validations without risk of manual errors.
- Increase turnaround times by processing scanned forms received via email, post, or fax.
Advanced Audit Trail
Make the Responsible Officer's attestation easier with high quality data for audits, reporting, and customer lifecycle management
Comprehensive Ruleset
Transparent, consistent and in-depth ruleset kept up to date by TAINA and Big 4 advisors
Superior Customer Experience
Provide a sleek and intuitive customer experience
Advanced Audit Trail
Make the Responsible Officer's attestation easier with high quality data for audits, reporting, and customer lifecycle management
Comprehensive Ruleset
Transparent, consistent and in-depth ruleset kept up to date by TAINA and Big 4 advisors
Superior Customer Experience
Provide a sleek and intuitive customer experience
Built-in Automated Workflow
Replace your manual tax validation processes with automated workflow to increase efficiency, reduce cost and minimize operational and regulatory risk. Using Straight-Through Processing (STP) forms uploaded through OCR or Online submissions which have no rejections, warnings, or supporting documentation will be marked ‘Workflow Complete’ without input from reviewers.
Automate Tax Withholding Calculations
The TAINA platform helps QIs in automating their tax withholding calculations and eliminating the need to calculate and apply these rates manually.
- Allows Client to remain compliant with regulations
- Reduces risk of under-withholding
- Makes for better customer experience so there is no over-withholding
Revolutionize tax operations
Reduce risk and saves cost with a more efficient and scalable validation process
How's TAINA Different?Integrate with our Intermediary Multi-tier Manager & Digital Withholding Statements
Integrating with the intermediary tools enables QIs to calculate withholding rates for beneficial owners and partners which can then be viewed in a graphical multi-tier intermediary tree structure with both blended and breakout withholding rates.
- Save time by eliminating the need for Tax Operatives to calculate and apply blended withholding rates manually to each intermediary transaction
- Build user friendly tree structures many beneficiary owner intermediaries deep
- Integrate with our withholding tax calculator to calculate withholding rates for intermediary transactions
Ongoing Monitoring of Change in Circumstances
TAINA’s Platform provides QIs with an ongoing monitoring alert base interface that enables tax operations teams to proactively identify and cure change in circumstance and form expiry scenarios.
Improve your digital customer experience
See how our online customer portal is providing value for managed service providers.
How's TAINA Different?Transform your customer digital experience
Enables end customers and investors to submit W8 Forms, and supporting documentation from any device. This solution features a streamlined, “no form” questionnaire experience, where data is validated in real-time using TAINA’s rules engine.
- Provides a sleek user experience with reduced fields, hiding up to 70% of a traditional tax form.
- Real time validation - invalid forms can’t be submitted, reducing rejection rates by 85%.
- Built in guidance - provide customers with tips and hints based on IRS and CRS Guidelines.
Useful Resources
To find out more about how TAINA's fully automated FATCA and CRS Validation platform is adding value to established financial institutions of all types, check out these useful resources.
Request a personalised demo of the TAINA Validation Platform
Assess how TAINA's Platform may be able to add value to your particular processes. Our experts will listen to your concerns and pain points, take onboard your process and then guide you through how our platform may be able to help.
Schedule a demo to:
- Assess the TAINA’s suitability and value add to your current processes
- Receive short overview and expert level decks
- Receive expert advice and answers to your questions and concerns
- Hear more about hosting and integration arrangements