Why Financial Institutions Choose TINCheck
Prevent Costly IRS Penalties
Inaccurate taxpayer information can cost businesses up to $340 per return – Plus hundreds of hours managing backup withholding.
Prevent Manual Review & Workload
TINCheck auotmates onboarding of new customers and vendors to detect fraud early and collect correct information up front.
Strengthen Compliance
Verify your vendors against the IRS, Death Master File, and 20+ global databases to comply with reporting, KYC, and AMC compliance mandates.
Operational
Efficiency
Automate identity verification processes, reducing manual workloads and eliminating human error.
Verify Customer & Vendor Identities in Seconds — Prevent Costly IRS, AML & KYC Compliance Failures
Financial institutions face rising regulatory scrutiny, larger filing volumes, and increasing fraud risk.
TINCheck helps banks, credit unions, lenders, payment platforms, and wealth management firms automatically validate taxpayer identities against the IRS and 20+ global watchlists — in seconds.
TINCheck Solutions Built for Financial Services
TINCheck API
Seamlessly integrate tax identity verification into your existing onboarding systems and workflows and verify new vendor or customers in real-time.
TINCheck Bulk
Process thousands of tax identity verifications simultaneously for batch customer onboarding or annual compliance reviews.
TINCheck Real-Time
Verify tax identities instantly during customer onboarding to maintain a smooth user experience while meeting regulatory requirements.
Frequently Asked Questions
FAQs
How does TINCheck help financial institutions comply with FATCA requirements?
TINCheck verifies TIN/Name combinations against IRS records to ensure accurate FATCA reporting. Our system helps financial institutions properly identify U.S. taxpayers with foreign accounts, reducing the risk of non-compliance penalties and helping you meet both domestic and international tax reporting obligations.
What watchlists does TINCheck screen against for financial services AML compliance?
TINCheck screens against all major government watchlists critical for financial institutions including the IRS Name/TIN Database, OFAC, DMF, and 20+ additional sanctions and global watchlists. Our comprehensive screening helps satisfy regulatory requirements while protecting your institution from potential sanctions violations.
What are the IRS penalties for incorrect 1099 reporting that financial institutions face?
Financial institutions can face penalties ranging from $60 to $330 per incorrect form, depending on the timing of corrections and the nature of the error. For intentional disregard, penalties can reach $660 per form with no annual maximum cap. TINCheck helps prevent these costly penalties by validating tax identity information before filing.
Why do banks need TIN matching?
Depending on the type of institution, most banks are required to collect accurate taxpayer information for 1099 filings, interest/dividend reporting, AML/KYC compliance, and FATCA obligations.