Latest Regulatory Developments Under FATCA: Best Compliance Practices Uncovered in 2015!
Moving into the 2015 compliance and reporting cycle with the U.S.
Foreign Account Tax Compliance Act (FATCA), Foreign Financial Institutions (FFIs), Non-Financial Foreign Entities (NFFEs) and Multi-National Corporations (MNCs) are still facing operational challenges and technical difficulties complying with FATCA. The W-8 forms and self-certifications, which help financial institutions comply with their due diligence requirement, are obtusely written and becoming less manageable with the implementation of the U.K.’s CDOT reporting regime and the OECD’s Common Reporting Standard (CRS). Well versed FATCA and global information reporting advisers must help account holders complete the forms and assist entities with due diligence and compliance programs.
Furthermore, the burdensome and expensive regulations, which include both the U.S. and U.K.’s version of FATCA, have been very challenging for the industry due to the unprecedented volume of reporting requirements. Compounding these problems, the rules might be interpreted differently in each jurisdiction. But, FATCA's global equivalent, the OECD Common Reporting Standard, will pose even more burdensome regulatory conditions.
New deadlines loom each year. Although calendar year 2015 extensions have been granted for the first FATCA reporting deadline for U.S.
Withholding Agents, FFIs in non-IGA jurisdictions and FFIs in Model 2 IGA jurisdictions to report the US account information to the IRS, there are still immediate deadlines that must be met and for Model 1 jurisdictions handling reporting locally, complexity increases with various deadlines. Moreover, these obligations will increase in 2016 and 2017.
It is essential for financial firms to understand FATCA requirements and deadlines, and to have a comprehensive compliance program. This will help to limit the risk from non-compliance and to meet their obligations with IGAs, the IRS, and the Organization for Economic Co-operation and Development (OECD).
In this two hour, LIVE Webcast, a panel of distinguished professionals, thought leaders, and practitioners assembled by The Knowledge Group will review and discuss the Latest Regulatory Developments Under FATCA and provide the audience with Best Compliance Practices to avoid the myriad pitfalls and risk of failure to comply with the law, not only for FATCA but also CRS.
Key topics include:
- FATCA: Current State and Impact on Qualified Intermediaries (QIs)
- FATCA Due Diligence
- Compliance Requirements
- Preparedness of Foreign Governments for FATCA
- The U.S. FATCA and the U.K. FATCA
- OECD Common Reporting Standard
- Regulatory Updates
- Managing Non-Compliance Risks
- Litigation and Penalties
Colleen P. Waddell
- Current State Snapshot of FATCA
- Intergovernmental Agreements (IGAs)
- FATCA Due Diligence
- Tax Reporting & FATCA Reporting
- Qualified Intermediary (“QI”) Compliance Regime
- Best Practices
- Coordinating FATCA integration and revisions across all functional business lines and stakeholders in preparation for the FATCA 2015 and 2016 reporting cycles and eventually full tax transparency with CRS.
- U.K. Crown Dependencies & Overseas Territories (UK CDOT)
Amoranto Consulting Inc.
FATCA & CRS Industry Issues With a Focus on Canada
- Intergovernmental Agreement—Canada
- Canada’s Enabling Legislation
- CRA Final Guidance – June 2014
- Registration—IRS Portal & Obtaining a GIIN
- Issues with FATCA
- Ongoing Issues with FATCA Implementation
- Industry Concerns
- Practical & Operational Risk Management Strategies
- Moving Toward Global Automatic Exchange of Information
- Summary – What to Expect
- 2012 OECD Report
- OECD Standard
- OECD Standard Example
- CRS Timeline
Smith Compliance Consulting Inc.
- Barbados IGA
- IRS Readiness Inspection
- Barbados Challenges
- Reporting Entity Challenges
- Register with BRA
- Reporting to BRA
- Reporting Information & Errors
- Other Islands
Who Should Attend:
- Government Agencies
- Financial Institutions
- Bank and Financial Institution Executives
- Tax Authorities
- Central Banks
- Chief Financial Officers
- Banking Institutions
- Broker and Dealers
- Insurance Company Officers
- Hedge Fund Officers
- Private Equity Funds Managers
- Attorneys and Consultants for Financial Companies
A seasoned regulatory compliance Professional with over 15 years industry experience and expertise within financial services, banking and brokerage firms across Canada. Carlos provide subject matter expertise for the following compliance initiatives – FATCA, Qualified Intermediary, AML, Cost-Basis Reporting, and Dodd-Frank. As an approved external auditor for the IRS’ QI program, Carlos has acted as Program and project lead roles for the Qualified Intermediary and FATCA programs and Operational and Strategic compliance training sessions to all areas of the organization. Carlos is a graduate from the University of British Columbia.
A seasoned regulatory compliance Professional with over 15 years industry experience and expertise within financial services, banking and brokerage firms …
Colleen has over 15 years of experience in the financial services industry, primarily managing both retail and institutional global tax operations departments. She specializes in U.S. tax documentation, information reporting and withholding, taxation of trusts and estates, the tax treatment of complex financial products and new business initiatives, as well as global operational concerns impacting local markets including proprietary and client tax reclaims.
Colleen’s current consulting focus is on regulatory compliance for FATCA, U.S. information reporting processes, and Bank Secrecy Act and Anti-Money Laundering programs.
Prior to joining Outlier Solutions, Colleen was most recently a Director at WeiserMazars LLP and prior to that an Executive Director for Global Tax Operations at UBS Investment Bank. In that capacity, she was part of the management team that successfully remediated existing U.S. tax documentation and withholding issues. During her tenure at UBS, she implemented control processes to ensure adherence to global tax rules and regulations, maintained the global tax operations SOX risk assessment and implemented a proactive risk management posture that significantly reduced operational risk by centralizing and automating key tax functions and conducting internal quality assurance.
Colleen has over 15 years of experience in the financial services industry, primarily managing both retail and institutional global tax …
Glenna Smith is Managing Director of Smith Compliance Consulting (SCC) Inc. in Barbados as well as a Certified Anti-Money Laundering Specialist, the Vice-President of the Barbados Association of Compliance Professionals, member of the BIBA Banking Committee and Treasurer for the Canadian Women’s Club of Barbados.
Glenna is a hands-on practioner whose goal is to help achieve better compliance for clients, having worked directly in the field as a Compliance Officer facing regulators, managing inspections and enabling ongoing compliance. She has gained wide and in-depth knowledge in compliance, operational risk, corporate governance, enterprise risk management, legislative matters over 27 years in the financial services sector. Glenna was formerly the AML & Privacy Officer at the Toronto head office for a large North American financial institution.
Glenna has authored a number of articles on AML, Governance, FATCA and Privacy.
Glenna Smith is Managing Director of Smith Compliance Consulting (SCC) Inc. in Barbados as well as a Certified Anti-Money Laundering …
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About Amoranto Consulting Inc.
Amoranto Consulting is a boutique consulting practice focused on regulatory compliance matters affecting financial service organizations. The team has over 100 years combined experience in internal and external audit as well as Canadian and U.S. regulatory compliance expertise: Qualified Intermediary(QI) Anti-Money Laundering (AML); OSC/IIROC/MFDA/SEC/FINRA and FATCA regulatory initiatives; Compliance reviews and regulatory audits for firms regulated by the OSC, SEC/FINRA, IIROC, MFDA, and OSFI and Internal audit outsourcing including IT auditing and operational auditing, auditing in accordance with International auditing standards. www.amorantoconsulting.com
About Outlier Solutions
Outlier Solutions LLC (Outlier) is a different kind of consulting firm, born from the need to bring a unique solution to the market place. We offer anti-money laundering (AML), Foreign Account Tax Compliance Act (FATCA) and compliance solutions for reporting entities in the United States and abroad. Many businesses have experienced compliance solutions as costly and prohibitive. We believe that good compliance has the ability to enable good business.
About Smith Compliance Consulting Inc.
Whether you need to have individuals identified in-person by a qualified person in Barbados for AML due diligence purposes, are creating a new compliance program and documentation from scratch or seeking an effective solution to any existing problem, Smith Compliance Consulting Inc. will do the work for you. Our in-depth knowledge and experience will go far to implement a tailored solution to you.
Standing behind the approach of a hands-on practioner whose goal is to help achieve better compliance for clients' needs and challenges, having worked directly in the field as a Compliance Officer facing regulators, managing inspections and enabling ongoing compliance.
Smith Compliance Consulting Inc. leads AML and Operational Risk assessments, develops and delivers training to both staff and Board of Directors, creates or enhances written policies and procedures, manages board self-assessments, organizes compliance program plans and manuals, designs testing and monitoring plans, facilitates remediation projects to resolve audit or inspection corrective actions, and conducts independent testing to broaden and deepen the scope for existing compliance departments.