FATCA Compliance

Register Now

2 Dec 2015 London

Price £950 + VAT. Group discount: 10% discount for 3 people.

Course Description

Compliance Workshop for Foreign Financial Institutions

Even though FATCA is now operative, many foreign financial institutions (FFIs) and associated organisations are still not clear on what they should be doing.
Under FATCA all foreign financial institutions must disclose U.S. account holders and their account activities. Failure to comply with FATCA will be costly and may subject foreign financial institutions to a 30% withholding tax on U.S.-sourced payments. New sets of obligations required by FATCA includes setting up effective frameworks for due diligence, customer identification and onboarding, certification, withholding, FATCA reporting and compliance management. 
If you are still not certain as how to exactly comply with the FATCA requirements and set up all the necessary structures and controls, this very practical one day course is just for you. You will learn about:
  • The technical requirements of FATCA including clients' onboarding and cetification, withholding and reporting
  • How FATCA compliance can be effectively achieved and
  • A detailed look at al the necessary internal controls and certification considerations 
  • How to provide support for your clients
  • FATCA implementation challenges: governance, IT infrastructure, data aggregation and reporting practices
  • Impact on technology
  • Key considerations in the design approach
This intermediate level course explores FATCA requirements and guidance as set out by HMRC but is also relevant for participants from abroad. 


What Will You Learn

By the end of the programme you will have a solid understanding of:
  • FATCA obligations and how to comply with them
  • Intergovernmental Agreements Model I & II and their structure
  • Learn what due diligence is in the FATCA sense and how it should be performed
  • Who are the responsible officers and what are their obligations
  • What is acceptable documentary evidence and dealing with ‘self certification’ 
  • Learn which financial products are to be reported on and which are exempted from FATCA reporting
  • How to set up internal controls and address operational challenges
  • Providing support for your clients 
  • Have an understanding of the progressive reporting requirements over the next several years
  • Know where to obtain ongoing guidance and clarification…and much more


Main Topics Covered During This Training

  • FATCA Technical Overview
  • IGA - Intergovernmental Agreements 
  • Account due diligence rules to identify individual & entity U.S. account holders
  • FATCA Reporting
  • FATCA Due Diligence 
  • Responsible Officers - Duties, Obligations, Penalties
  • UK Guidance on FATCA 
  • Implementation timelines
  • Internal Controls and Certification Considerations 
  • Compliance cost
  • FATCA to-do-list
  • Challenges of implementing FATCA
  • Impact on IT infrastructure and data aggregation
  • Reporting practices
  • Control Framework
  • Impact on Technology
  • The Design Approach
  • 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 
  • Project Managers
  • Back Office Professionals
  • Wealth Managers and Private Banking Professionals
  • Lawyers 
  • Consultants
  • Accountants
  • Staff with roles and responsibilities in operational, businesses and central departments
Register Now

2 Dec 2015 London

Price £950 + VAT. Group discount: 10% discount for 3 people.

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
The UK’s FATCA approach is well advanced and highly comprehensive. For non-UK participants it serves as an excellent model to illustrate what needs to be taken into account in establishing/ managing your FATCA compliance.
  • UK FATCA reporting
  • UK IGA changes
  • UK Guidance Notes
  • What the guidance covers
  • The how & what of reporting
  • What Information has to be reported?
  • Submitting a FATCA return
  • The HMRC data schema
  • Exchange of tax information with other authorities

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
  • 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
  • Implementation – Operational challenges
Support /Advice to Your Clients
  • What can you provide to your clients?
  • What you cannot do
Case Study: A practical look at FATCA and the effect that it is having worldwide.
Workshop Wrap-Up
  • Core obligations under FATCA
  • FATCA resources 
Stanley has an extensive experience in banking and operations and specifically operationial risk, payments and settlements, AML and FATCA.
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. 
FATCA Compliance <p><strong>Compliance Workshop for Foreign Financial Institutions</strong></p> <div> <div>Even though FATCA is now operative, many foreign financial institutions (FFIs) and associated organisations are still not clear on what they should be doing.</div> <div>&nbsp;</div> <div>Under FATCA all foreign financial institutions must disclose U.S. account holders and their account activities. Failure to ... 1449014400 London