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Newgen Enables Banks from Middle East to Become FATCA Ready

DUBAI, UAE, January 13, 2014 /PRNewswire/ --

Organises series of CxO roundtables on FATCA

Newgen Software, a leading global provider of Business Process Management (BPM), Enterprise Content Management (ECM), and Customer Communication Management (CCM) solutions organized roundtable conferences in Abu Dhabi and Dubai titled, 'FATCA-Uncharted, Unknown, Untamed'. The roundtables addressed specific needs of the UAE market, keeping in perspective the local legislations. CxOs and Compliance Officers from over 20 leading banks of the UAE attended these roundtables.

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During the discussions, Newgen's specialists from the Centre of Excellence team on FATCA (Foreign Account Tax Compliance Act) were joined by experts from Deloitte and Ernst & Young to discuss the effect of FATCA on businesses in the UAE and how to ensure FATCA compliance.  

Mr. Umair Hameed from Deloitte spoke on operational challenges of implementing FATCA under a Model 1 IGA. He said, "Banks across the Middle East should look to carefully understand the impact of FATCA on existing systems and processes, before assessing how best to proceed with implementation."

Mr. Basant Shroff from Ernst and Young said, "FATCA is impacting the Financial Services ecosystem globally. Given the nature of the industry and the structure of the transactions, it will affect the Financial Services organisations in the GCC as well." He further added, "In the areas where customer classification and diligence needs to be carried out, documentation and audit trails of actions taken will be important aspects. In such cases leveraging DMS and BPM platforms could make a difference to the compliance efforts of the organisations."

FATCA specialists from Newgen spoke about the need for robust and trusted ECM and BPM solutions for smooth FATCA compliance. Newgen presented a comprehensive demo regarding its thought leadership approach to enable banks to achieve FATCA compliance. The audience got a glimpse of the future-ready FATCA solution developed for fast and easy FATCA readiness. The end-to-end approach adopted by Newgen towards FATCA was well received by the business leaders at these roundtables. Newgen will be organizing a similar roundtable on 22nd January, 2014 in Riyadh, Saudi Arabia.

Newgen Software is a leading global provider of Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communication Management (CCM). Newgen has a global footprint of 1000 installations in over 50 countries with large, mission-critical solutions that have been deployed at the world's leading Banks, Insurance firms, BPO's, Healthcare Organizations, Government, Telecom Companies & Shared Service Centers.

Asif Khan
[email protected]

SOURCE Newgen Software Technologies Limited

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