FATCA Compliance

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24 Feb 2015 Dubai

Special Festive offer until 21 Dec - £700. Save £250!

Regular price: £950. Group discount: 10% discount for 3 people.

Register Now

18 Mar 2015 London

Special Festive offer until 21 Dec - £700 + VAT. Save £250!

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

Course Description

Compliance Workshop for Foreign Financial Institutions

The clock is ticking and as the US’s FATCA legislation heads for its first mandatory reporting date on the 31 March 2015 and its linked reporting deadline, more and more foreign financial institutions (FFIs) and associated organisations are clamoring for practical advice 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. 
 
If you are not certain or are at a loss as to what you have to do and how this has to be done, this one-day training course is for you. The programme provides a clear road-map to setting up an effective programme to meet all the FATCA requirements in three easy stages:
 
  • The technical requirements of FATCA
  • How FATCA compliance can be effectively achieved and
  • A detailed look at the necessary internal controls and certification considerations 
Course given in the UK comply with the FATCA requirements and guidance as set out by HMRC and the programme in Dubai provide a standard of best practice and examine the FATCA Model 1 Intergovernmental Agreements for a range of other countries. 

What Will You Learn

By the end of the programme you will: 
  • Have a sound understanding of FATCA
  • How to identify a ‘US person'
  • What ‘US indicia’ are and how they are to be applied
  • Have an understanding of the difference between existing and new accounts as of 1 July 2014
  • What the FATCA reporting requirements are: what do you have to report, how, when and to whom
  • An understanding of the progressive reporting requirements over the next several years
  • What due diligence is in the FATCA sense and how it should be performed
  • What constitutes ‘acceptable’ documentary evidence
  • What ‘self certification’ is and how it is accomplished
  • Which financial products are to be reported on and which are exempted from FATCA reporting
  • 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
  • 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

24 Feb 2015 Dubai

Special Festive offer until 21 Dec - £700. Save £250!

Regular price: £950. Group discount: 10% discount for 3 people.

Register Now

18 Mar 2015 London

Special Festive offer until 21 Dec - £700 + VAT. Save £250!

Regular price: £950 + VAT. Group discount: 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
 
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 
Richard’s professional experience spans over 25 years. He started his career with Wells Fargo Bank, following by Fundtech and then moving to international advisory and consulting for the private and high-tech sectors providing high-level consulting, business analysis, project management and training to a wide range of banking clientele across the globe.   
 
Over his career Richard was involved in International Trade Finance, Cross Border Payments and Settlements, Operational Risk, AML and Corporate Governance amongst others.
 
He has spent extensive time servicing a diversity of financial institutional clients in many countries including: UK, Ireland, China, Singapore, Hong Kong, Philippines, Korea, Malawi, Ghana, Nigeria, Kenya, South Africa, Poland, Sweden, The Netherlands, Greece, Norway, Bermuda and across North America. 
 
Clients that Richard has trained and consulted to include: JP Morgan, Abu Dhabi Commercial Bank, Qatar Exchange, Abu Dhabi Investment Authority, Central Bank of Egypt, Irish Gas, UBS, Central Bank of Ireland, Central Bank of Norway, Merrill Lynch, PGGM, BP, Asian Development Bank, African Development Bank, Instinet, Fundtech, European Central Bank, Brunei Investment Agency, British Steel Pension Fund, Salesforce and Tullet Prebon amongst others.

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FATCA Compliance <p><strong>Compliance Workshop for Foreign Financial Institutions</strong></p> <div> <div>The clock is ticking and as the US&rsquo;s FATCA legislation heads for its first mandatory reporting date on the 31 March 2015 and its linked reporting deadline, more and more foreign financial institutions (FFIs) and associated organisations are clamoring for practical advice on what they should be doing.&nb ... 1424736000 Dubai