FATCA Implementation

Part of the Fraud Prevention and Financial Crime Training Week: Part 1: Risk Based Approach to Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF) Part 2: FATCA Implementation Book both parts together to benefit from a 15% saving on the course fee. FATCA Implementation Attend this intensive and highly informative 2–day training course and learn the best practices for compliance with FATCA. Specifically, learn: The new FATCA law Why FATCA was created and the US Government’s reasoning in establishing the requirements How FATCA impacts the Financial Services Industry The best practices in working with and complying with FATCA requirements The Roles of Compliance and Control Functions regarding FATCA implementation, requirements, monitoring, reporting, and management Cross Border Investing and FATCA implications (retail and institutional) FATCA Red Flags Avoiding FATCA violations FATCA Resources Who should attend? This course has been specifically designed for the benefit of: Risk and Treasury staff Compliance Personnel Mid and back-office personnel Accounting and Control officers Auditors Anti-Money Laundering staff The course assumes a general familiarity with financial markets, instruments and Compliance and Control Functions. Whilst specific knowledge regarding particular laws outside of FATCA will not t be required, a general knowledge of Compliance with US regulatory frameworks will be addressed. Why not recommend this course to a colleague?
Day 1 FATCA Basics What is FATCA? Goals and objectives of FATCA Legislation Scope Requirements Registration and Applications Identification: Consideration of FFI or Not FFI Terminology Who is a US Person for FATCA purposes? US Financial Institutions/Non-US Financial Institutions (FFI’s vs NFFI’s) Withholding: Two phased approach. Withholding: Passthru Payments Reporting: New Accounts, Documented US Accounts, and Private Banking Accounts - What information is to be reported: demographic, balance, account specific information - Verification by IRS, potential declaration of “recalcitrant account holder” Partner Countries Obligations: Due Diligence Client Identification Obligations: Pre-existing vs New Accounts - Private Banking pre-existing vs All Other Pre-Existing Reporting Obligations Withholding Obligations Case Study for Implementation FATCA Policy and Procedures By When? Regulatory Milestones Tracker in the Implementation of FATCA Due Diligence for Pre-Existing Accounts Procedures for New Accounts Withholding Reporting Legal and Foreign Financial Institution Issues Day 2 FATCA Challenges for Foreign Financial Institutions Local Law that might prohibit compliance with US FATCA Bi-lateral Agreements in lieu of FATCA - Britain - Mexico - France, Germany, Italy, Spain - Japan - Ireland - Switzerland - Norway Model Intergovernmental agreements - Allowances for local law - Burden Reduction - Intergovernmental Agreement Examples - US and IGA Info Sharing - One way information Exempt Beneficial Owners Other than Funds Governmental Entities International Organization Central Bank Funds Qualifying as Exempt Beneficial Owners Narrow Definition Retirement Fund Pension Fund of an Exempt Beneficial Owner Investment Entity Wholly Owned by Exempt Beneficial Owners Small or Limited Scope Financial Insitutions Local Banks Financial Institutions with Only Low Value Accounts Qualified Credit Card Issuer Investment Advisors and Managers Collective Investment Closely Held Excluded Accounts Reciprocal Model 1A Agreement Non-Reciprocal Model 1B Agreement Model 2 Foreign Status: Criteria to determine if US or foreign status exists Income Sourcing, Interest and Dividends