FATCA is not just about taxes as many financial institution compliance officers are now finding out. FATCA covers the whole financial crime field. It may start out as a tax-reporting burden but will soon become the domain of the Compliance Department. This is the prediction of former federal prosecutor Charles Intriago, President of ACFCS, and others who are following the evolving implementation of FATCA requirements.
“It’s the ultimate anti-money laundering weapon”, said Intriago. FATCA imposes complex new duties on US and non-US financial institutions and has spawned seven “Intergovernmental Agreements” with countries that add to those duties.
To help Compliance Tax, Operations Officers and others who are responsible for FATCA implementation, ACFCS will present a one-day seminar on June 21 at the New York Hilton led by top FATCA experts.
“This seminar is crucial for persons who work in compliance, tax, operations, risk and legal departments”, said Robert Smithline, Director of Certification and Training for ACFCS. “No financial institution should miss this seminar if it wants to perform its FATCA duties well.”
Led by Charles Intriago and 3 other experts, the seminar will teach you:
- what the FATCA duties are for US and non-US institutions and when they begin
- benefits and detriments of putting the FATCA program in distinct internal departments
- how FATCA blends with and is connected to FCPA and AML enforcement and compliance
- how to deal with conflicting US Treasury bi-national Intergovernmental Agreements
- how FATCA applies to non-bank financial institutions and what they must do
- what FATCA is likely to do to tax enforcement operations of countries worldwide
- what the various IRS reporting forms for US and non-US institutions require — and more