FATCA

Register Now

15 Jun 2014 Dubai

Early Bird until 30 Apr £820. Regular price £950. 10% discount for 3 people

Register Now

18 Jun 2014 London

Early Bird until 30 Apr £820 + VAT. Regular price £950 + VAT. 10% discount for 3 people

Course Description

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.
 
Please note: this programme provides general introduction to FATCA and the US requirements related to this regulation. It doesn't discuss UK or any other jurisdiction regulatory response.

What Will You Learn

  • How FATCA will affect your business and operations
  • 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
  • Implementation timelines
  • Internal Controls and Certification Considerations 

Who Should Attend

This 1 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

15 Jun 2014 Dubai

Early Bird until 30 Apr £820. Regular price £950. 10% discount for 3 people

Register Now

18 Jun 2014 London

Early Bird until 30 Apr £820 + VAT. 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

 

FATCA Technical Overview 

  • Tax Haven Banks and U.S. Tax Compliance – 2008
  • Congressional Reaction- FATCA
  • Five concepts you need to know
  • Participating FFIs
  • Deemed-Compliant FFIs

 

Account Due Diligence

  • Account due diligence rules to identify individual & entity U.S. account holders
  • U.S. Indicia
  • Verification by Responsible Officer
  • Verification of Compliance
  • FATCA Withholding
  • Transactions and payments subject to FATCA

 

FATCA Reporting

  • Reporting Requirements
  • Multilateral Agreements 
  • Multilateral efforts – an overview

 

Timeline of Important Dates

  • In this section we will review all the key dates for the different phases of the FATCA implementation. These dates currently run right through to 2018

 

General Project Approach

  • Phased Approach to FATCA Compliance  

 

Internal Controls and Certification Considerations 

  • 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”

London 

Stanley has an extensive experience in banking and IT specifically in operations, payments, RTGS and the operational risk aspects of banking in the UK, Europe, the 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.
 
At a banking industry level he was involved in the creation and development of STRATE - Central Securities Depository in South Africa dealing with the dematerialization, clearing and settlement of all financial instruments. He also served as Vice Chairman of the South African Clearing Bankers Association’s ERAG Group - an interbank payments/operations risk initiative established to identify & eliminate operational, legal and other risks in electronic payments, and later as Chairman of the Payments Association of South Africa Operational Risk Committee.
 
On leaving South Africa he joined an international banking software house operating internationally. 
 
His bank operations, payments systems and clearing house experience includes working closely with organisations such as UNCITRAL, Deutsche Bank and CHIPS in New York; APACS, 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 and ANZ and Commonwealth Bank in Australia. 
 

Dubai 

Richard holds a B.S. in International Business Administration from San Jose State University in California. 

His 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, Netherlands, Greece, Norway, Bermuda and across North America. Clients that

Richard has trained & 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, Euroclear and Tullet Prebon amongst others.

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Thank you for your interest in our company and your enquiry. We will contact you shortly.

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FATCA <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 foreign financial institutions disclose&nbsp;U.S. account holders and their acti ... 1402790400 Dubai