Update Compliance Status

The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions (FFIs) to report about their US clients to the IRS. Because the IRS can view carriers as FFIs, agencies that make payments to carriers that are considered not to be compliant with FATCA, agencies must withhold 30% of the gross payment. if this amount is not billed to a client when the business is placed with the carrier, the agent is responsible for that 30%.

Applied Epic allows you to track a company or brokers's FATCA compliance status. If FATCA compliance indicators are enabled, non-compliant brokers and companies display in bold, italic, red text throughout the system.

All companies and brokers have a status of Not Yet Determined until they are updated. The Update Compliance Status feature allows you to change the compliance status for multiple accounts en masse.

From the Home screen, do one of the following:
- Click Configure on the navigation panel.
- Click Areas > Configure on the menubar.
- Click the down arrow next to Home on the options bar and select Configure.

From any other area of the program, do one of the following:

- Click the down arrow to the right of the Home options bar button and select Configure.
- Click Home > Configure on the menubar. The Configure screen displays.
Click Account on the navigation panel or Areas > Account on the menubar.
Click Compliance Indicators on the navigation panel.
Click Actions > Update Compliance Status.
Select the Company or Broker radio button.
Make the appropriate selection in the Change compliance to dropdown menu.
A list of all companies or brokers in the system displays. Change the accounts that display in the list if necessary.
Use the search bar above the list to specify the accounts that you want to see.

These are the choices in the first dropdown menu:
1. - Lookup Code
  - Account Name
  - Compliance
The choices available in the second dropdown menu vary, depending on the selection you made in the first dropdown.
1. - Equals: Enter the search criterion (e.g., the full description or folder name) in the field to the right, or select the correct date from the dropdown calendar (if applicable). Click Find.
  - Begins With: Enter at least the first character of the search criterion (e.g., part of the description or claim number) in the field to the right. Click Find.
  - Contains: Enter at least one character of the search criterion (e.g., part of the description or claim number) in the field to the right. Click Find.
  - Compliant, Non-Compliant, Not Applicable, or Not Yet Determined: These are the available Compliance options.
  To see the filter that is currently applied to the list, hover over the Search where text.
Click to highlight the accounts for which you wish to update the compliance status and click the down arrow. To move all accounts to the Selected list, click the double down arrow.
To remove an account from the Selected list, click to highlight the account click the up arrow. To remove all the accounts from the Selected list, click the double up arrow.
Click Apply.
Click Finish when you are done.