Banking Domain Training

Foreign Account Tax Compliant Act (FATCA) – Use Case Model

Eritrea and the USA are the only two countries in the world which impose income tax on their respective non-resident citizens. Specifically, the USA citizens need to pay the tax to the USA also if the foreign tax is less than the USA tax. To ensure that all non-resident citizens are declaring and paying their respective dues, FATCA (Foreign Account Tax Compliant Act) came into existence in 2010. The USA residents and non-residents (including green card holders) are covered under this law.

Housing Loan Commitment and Disbursement – Process Model

Housing Development Corporation Ltd. (HDC) is an NBFC majorly having presence in housing finance sector, apart from also funding for commercial spaces and land plots. It funds this line of business by accepting term deposits and issuing bonds. HDC now wants to replace its legacy IT system and replace it with a more robust, secure and advanced IT application. After careful consideration of multiple responses received on the RFP (Request for Proposal) and going through those vendor profiles, SmartWork has been assigned the contract to develop the IT application.