Compliance Indicator Configuration

The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions (FFIs) to report about their U.S. clients to the IRS. Because the IRS can view carriers as FFIs, agencies that make payments to carriers that are not considered to be compliant with FATCA 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 broker's FATCA compliance status. If FATCA compliance indicators are enabled, non-compliant brokers and companies display in bold italic red text throughout the system.

1. 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:

1. • 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.
2. Click Account on the navigation panel or Areas > Account on the menubar.
3. Click Compliance Indicators on the navigation panel.
4. Select the appropriate radio button:
   • Disable FATCA compliance indicators
   • Enable FATCA compliance indicators

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