Description
FATCA, SME, TAX, Governance, Investment Banking, London
The Foreign Account Tax Compliance Act (FATCA) is a piece of US law that comes into effect in 2013 and places obligations of Foreign Financial Institutions (FFI's) to identify US persons who hold accounts, or who are beneficial owners of entity accounts held with FFI's. The FFI needs to build capability to identify US persons, ensure their compliance to FATCA and report certain balances and transactions to the US Internal Revenue Service. Persons or entities that do not comply will suffer withholding on US source transactions from 2014.
- Ability to engage with a designated US Tax Operations team to establish synergies and good practice.
- Engage internal legal personnel to secure tax risk coverage in documentation for a multitude of products.
- Engage Front Office personnel to embed FATCA policies and procedures relating to tax documentation.
- Identify conflicts of law by working with in-country legal resource across the Group.
- Log and monitor all customer agreements and manage their modification to become FATCA compliant.
Project Partners is part of Hydrogen Group.