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FATCA Compliance

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10 Sep 2014 London

Special Summer Promotion £750 + VAT until 25 of Jul. Regular price £950 + VAT. 10% discount for 3 people

Course Description

Compliance Workshop for Foreign Financial Institutions

It has been estimated that the U.S. Treasury loses as much as $100 billion annually to offshore tax non-compliance. Under U.S. tax law, “U.S. persons” are required to report and pay taxes on income from all sources irrespective of where these are located. 

FATCA requires that all foreign financial institutions disclose U.S. account holders and their activities. Failure to comply with FATCA will be costly and may subject foreign financial institutions to a 30% withholding tax on US-sourced payments. 
 
The legislation became effective on 1 Jan 2013 but the various provisions are being implemented on a rolling time-scale with effective implementation beginning in mid-2014.
 
This practical 1-day course will provide participants with a sound understanding of FATCA. The programme gives an overview of the technical requirements and implementation strategies as well as the detailed analysis of all the necessary internal controls and certification considerations.

What Will You Learn

  • How FATCA will affect your business and operations
  • How FATCA will affect your role in your institution
  • The requirements for developing and implementing an effective FATCA action plan, including establishment of policies and procedures
  • FATCA technical and due diligence requirements and the identification of US accounts
  • How to report U.S. accounts and to whom

 

 

 

Main Topics Covered During This Training

  • FATCA Technical Overview 
  • Five concepts you need to know
  • Account due diligence rules to identify individual & entity U.S. account holders
  • FATCA Reporting
  • Responsible Officers - Duties, Obligations, Penalties
  • UK Guidance on FATCA 
  • Implementation timelines
  • Internal Controls and Certification Considerations 
  • Compliance cost
  • FATCA to-do-list
  • FATCA Resources

Who Should Attend

This one day program is relevant for: 

  • Financial Officers
  • Compliance Officers
  • Risk Management Professionals 
  • External & Internal Auditors
  • Operations Managers/Officers 
  • Wealth Managers and Private Banking Professionals
  • Lawyers 
  • Consultants
  • Accountants
  • Staff with roles and responsibilities in operational, businesses and central departments
Register Now

10 Sep 2014 London

Special Summer Promotion £750 + VAT until 25 of Jul. Regular price £950 + VAT. 10% discount for 3 people

Group discounts available at all times: 10% for a booking of 3.

FATCA - A 1 Day Programme 

General Overview and Concepts
  • What is FATCA?
  • FATCA’s scope
  • Six FATCA concepts you need to know
  • Deemed compliant FFIs
  • How FATCA affects financial institutions’ Due Diligence procedures
  • FATCA & foreign governments
  • FATCA terminology
  • FATCA’s reach
 
Intergovernmental Agreements – IGA 
 
  • Multilateral efforts to give effect to FATCA
  • Intergovernmental Agreements – IGA
  • Current IGA status
  • Intergovernmental Agreement Model I
  • Intergovernmental Agreement Model II
  • Comparing IGA - Models I & II
 
Agreements Structure 
 
  • The Agreement decomposed
  • Exploring an IGA
 
FATCA Timeline
 
  • Key dates – 2014 – 2018
  • The IRS FFI list
  • Phased reporting approach
  • FATCA transition period for full compliance
 
FATCA Due Diligence
 
  • What is ‘Due Diligence’?
  • Different account types/ structures
  • Account due diligence rules to identify U.S. account holders – Individual accounts
  • Account due diligence Rules to identify U.S. account holders – Entity accounts
  • Specific FATCA due diligence requirements
  • Identification of account holders
  • What is acceptable documentary evidence?
  • What is the validity period of documents?
  • How long must documents be retained?
  • Confirming the reasonableness of self certification
  • Examples of the reasonableness check 
  • Self certification by account types/ structures
  • How is a self certification worded?
  • Self certification format
  • Examples of self certification
  • Self certification for pre-existing & new individual accounts
  • Self certification for pre-existing entity & new entity accounts
 
Treatment of Specific Institutions/ Products
  • IGI Annexure II
  • Exempt beneficial owners
  • Deemed-compliant financial institutions
  • Exempt products
 
FATCA Reporting
 
  • Reporting requirements
  • Reporting forms
  • Form 8966
  • Inter-governmental FATCA XML schema
 
FATCA  General Guidance - UK Example
 
  • UK FATCA reporting
  • UK IGA changes
  • UK Guidance Notes
  • What the guidance covers
  • The how & what of reporting
  • What Information has to be reported?
 

Responsible Officers - Duties, Obligations, Penalties
 
  • Responsible officer under FATCA
  • Skills & powers
  • Model I and Model II IGAs
  • Duties of responsible officers
  • Liability of responsible officers
  • US citizens as responsible officers
 
FATCA Internal Controls
 
  • What areas of the organization are impacted?
  • Developing a controls framework
  • Verification of compliance
  • Certification structure
  • Who is responsible for all of this?
  • FATCA controls framework
  • Characteristics of controls
  • FATCA controls framework
  • Sample controls to support “due diligence”
 
Compliance Verification
 
  • What certifications is required of a “Responsible Officer”?
  • Verification of compliance
 
Becoming Compliant
 
  • The “how” – practical implementation
  • Pre-assessment
  • Assessment: Scoping
  • Implementation – Operational challenges
 
 
Support /Advice to Your Clients
 
  • What can you provide to your clients?
  • What you cannot do
 
Workshop Wrap-Up
 
  • Core obligations under FATCA
  • FATCA resources 
Stanley has an extensive experience in banking, specifically the operations, payments, RTGS and the operational risk aspects of banking covering the UK, Europe, USA, Australia and Southern Africa.
 
Commencing his career at the Standard Bank of South Africa he gained a thorough grounding in all aspects of banking ranging from the bank’s branch system, back-office payments processing. He was also closely involved in the development of electronic banking at the Standard Bank.
 
On leaving South Africa he joined Fundtech Corporation, a leading US based provider of financial technology. He spent time in their Jersey City, London and Melbourne offices working with various bank clients.
 
His has been working closely with organisations such as UNCITRAL (United Nations Commission on International Trade Law), Deutsche Bank, the New York Federal Reserve and CHIPS in New York; APACS (Association for Payment Clearing Services), BACS Payment Schemes, the British Bankers Association, CLS  and Barclays Bank in London; Crédit Agricole in France; UBS and Credit Suisse in Switzerland; the central bank in the Netherlands; Alpha Bank in Greece; the central bank in Romania; the central bank in Kazakhstan; Bank Leumi and the central bank in Israel; the Standard Bank, Clearing Bankers Association, STRATE, BankServ and the central bank in South Africa and ANZ and Commonwealth Bank in Australia. 

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FATCA Compliance <p><strong>Compliance Workshop for Foreign Financial Institutions</strong></p> <p>It has been estimated that the U.S. Treasury loses as much as $100 billion annually to offshore tax non-compliance.&nbsp;Under U.S. tax law, &ldquo;U.S. persons&rdquo; are required to report and pay taxes on income from all sources irrespective of where these are located.&nbsp;</p> <div>FATCA requires&nbsp;that all f ... 1410307200 London