Innovative Systems Incorporated (Innosys Inc) has partnered with NewGen to bring Business Process Management (BPM) solutions to Guyana. Foremost of which is NewGen’s FATCA solution. This solution is currently being used by prominent financial institutions in Guyana the compliance enforcement aspects done by GRA.
The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law to enforce the requirement for United States persons including those living outside the U.S. to file yearly reports on their non-U.S. financial accounts to the Financial Crimes Enforcement Network (FINCEN). It requires all non-U.S. (foreign) financial institutions (FFIs) to search their records for indicia indicating U.S. person-status and to report the assets and identities of such persons to the U.S. Department of the Treasury.