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Hello and welcome to this first look at the AEOI Hub IDES encryption tool. The International Data Exchange Service (IDES) is used by the US Internal Revenue Service (IRS) to receive FATCA data. This is used by tax authorities in model one jurisdictions to send data thatamp;#39;s been collected from Financial Institutions. So if you are in one of these countries and your tax authority received your FATCA data, you donamp;#39;t need to worry about IDES. But itamp;#39;s also used by Financial Institutions in model 2 jurisdictions, or where thereamp;#39;s no intergovernmental agreement with the US, to send data directly to the IRS. When the IDES is used, data must be signed, encrypted and compressed before sending. The good news is that weamp;#39;ve created a free tool that will do that for you which weamp;#39;re going to demonstrate now. Before we get started you need three key things; you need your XML file thatamp;#39;s been prepared for the FATCA repo
