Fund administrator Butterfield Fulcrum is offering a new compliance solution for the hedge fund community.
New York-based Butterfield announced last week that the new solution, which is a joint effort with Compliance Technology International and financial information firm Markit, is aimed toward helping hedge funds comply with the Foreign Account Tax Compliance Act.
Some of the features of the new solution include determining the firm’s correct FATCA classifications, performing gap analysis on account documentation and validating account holders’ taxpayer information and identification numbers.
The FATCA requires that all foreign financial institutions invested in U.S. assets to document to the IRS that they are not aiding its U.S. investors in evading U.S. taxes.
Butterfield Fulcrum services more than 800 funds and has eight offices in seven countries including Ireland, Bermuda, London and New York.