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:
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:
Main Topics Covered During This Training
Who Should Attend
This one day program is relevant for:
- 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
- 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
- The Agreement decomposed
- Exploring an IGA
- Key dates – 2014 – 2018
- The IRS FFI list
- Phased reporting approach
- FATCA transition period for full compliance
- 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
- IGI Annexure II
- Exempt beneficial owners
- Deemed-compliant financial institutions
- Exempt products
- Reporting requirements
- Reporting forms
- Form 8966
- Inter-governmental FATCA XML schema
- 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 officer under FATCA
- Skills & powers
- Model I and Model II IGAs
- Duties of responsible officers
- Liability of responsible officers
- US citizens as responsible officers
- 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”
- What certifications is required of a “Responsible Officer”?
- Verification of compliance
- The “how” – practical implementation
- Implementation – Operational challenges
- What can you provide to your clients?
- What you cannot do
- Core obligations under FATCA
- FATCA resources
- What kind of courses do you offer?
- How long are your courses?
- Where do you deliver your courses?
- What can I expect from attending your course?
- How do I register?
- What happens after I register?
- How do I pay?
- Whatâ€™s included in the price?
- Do you offer any discounts?
- What is your Cancellation Policy
- Who are your Trainers?