Latest Regulatory Developments Under FATCA: Best Compliance Practices Uncovered in 2015!

Overview:

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

Agenda:

Who Should Attend:

• Government Agencies
• Financial Institutions
• Bank and Financial Institution Executives
• Accountants
• 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