FATCA - Implications, Changes and How to Implement in a Foreign Financial Institution

Instructor: Jason Simpson
Product ID: 702989
  • Duration: 60 Min

recorded version

1x Person - Unlimited viewing for 6 Months
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Recorded Link and Ref. material will be available in My CO Section

Training CD

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Read Frequently Asked Questions

This training on Foreign Account Tax Compliance Act (FATCA ) will highlight the evolution of the Act and its current regulations. It will also provide attendees practical and effective methods for solid FATCA implementation along with tools for identifying FATCA specific complexities in order to avoid enforcement actions.

Why Should You Attend:

FATCA delivers to the global financial world a set of specific Know Your Customer (KYC) enhancements that may not be required or practiced in specific jurisdictions outside of the United States. Effectually, FATCA creates the first standardization of global KYC and compliance. The complexities of FATCA such as withholding of funds or identification of customers with dual citizenship to the handling of certain client types make proper FATCA implementation difficult.

This webinar will examine the creation of FATCA, its final and current regulation and its direct impact on the global financial industry. It will enhance attendees’ practical knowledge on effective FATCA implementation and will discuss how to identify obligations and required actions to be taken. It will also look into remediation processes for existing clients and intergovernmental agreements (pros and cons).

This course will also address how to implement the specific provisions of FATCA, how to train your staff and the front office line of staff.

Areas Covered in the Webinar:

  • Creating a FATCA compliance program
  • Understanding the requirements of FATCA and the FFI’s responsibility
  • FATCA training and sound training practices
  • Establishing a remediation program and the steps within
    • Data analysis
    • Resource development and training
    • Project management
    • Identification
    • Reporting
  • Retention and management of foreign clients
  • Banking case study of current FATCA approach
  • Preparation for additional global jurisdictional FATCA equivalents

Who will Benefit:

This FATCA training will provide valuable assistance and guidance to following personnel in the banking and financial services industry:

  • Compliance officers
  • Risk officers
  • Internal auditors
  • Operational risk managers
  • FATCA identified responsible officers
  • Board of director members
  • Third party consultants
  • Florida international bankers association
  • California international bankers association

Instructor Profile:

Jason Simpson, LL.M, CRA, CCA is a Certified Risk Analyst (CRA) and Chartered Compliance Analyst (CCA) and an expert with extensive experience in AML/BSA practices, regulations as well as consulting and training. Mr. Simpson is the Director of the Miami office for Global Atlantic Partners. He works in the Enterprise Risk Management, AML/BSA, Internal Audit, Project Management and Training practice areas. He has worked as a compliance officer in various domestic and international banks over the past 10 years. Aside from his current role and working with both large and small banks on matters related to fraud, AML/BSA, general compliance, risk and audit, he is also an adjunct faculty member for all Compliance and AML courses online at Thomas Jefferson School of Law. He has been certified in Compliance both in the United States and in London. In addition, he has successfully assisted several banks out of MOU’s and C&D orders as well as worked as a Subject Matter Expert (SME) in legal cases. An example of his most recent work, for a large client in the Caribbean, he has developed and rebuilt a complete compliance and transaction monitoring division including new AML systems. He has also developed policies and procedures, programs and assessments for banks and Money Service Businesses domestically and internationally. Recently, he contributed to an article for Off Shore Investment “FATCA Compliance Initiation for a Financial Institution”. Further, he wrote and contributed the first 3 chapters of the published Lexis Nexis Guide to FATCA compliance.

Topic Background:

Financial Institution compliance is not new news for any institution around the world. However, the development and enforcement of a global requirement to report individuals and business entities under specific guidelines to a foreign government agency (US IRS), is an entirely new form of compliance for Foreign Financial Institutions (FFI).

Foreign Account Tax Compliance Act (FATCA) created by the United States Internal Revenue Service (IRS) through the 2010 Hiring Incentives to Restore Employment (HIRE) Act, imposes steep and enhanced due diligence measures upon Foreign Financial Institutions (FFI) that have not or may not be required or enforced by the FFI’s host nation. Such enhanced requirements of client identification will also spread to understanding and identifying client products, related accounts, account balances and account activity. All of which, will be required to be monitored and reported on an annual basis from the FFI to the IRS on clients identified as individuals subject to US tax.

Since 2010, FATCA in its legal form has received various modifications and interpretations. However, early 2013 FATCA was re-introduced in its final regulation form and effectually setting the tone for FATCA compliance enforcement by 2014. Given the deadlines and requirements of FATCA, many FFI’s that currently do not maintain client data as efficiently as the US IRS assumes are hurrying to develop processes that will allow them to identify new clients under FATCA guidelines. Further, many FFI’s are seeing an increase in operational work to remediate their client base within a 24 month timeframe and in accordance with FATCA guidelines.

Proper FATCA program implementation, system development and integration, effective remediation projects and programs to reduce operational bottle-necks and precise training and testing of staff will allot any Foreign Financial Institution the ability to implement FATCA as an effective program and allow for such program policies and procedures to expand and operate for other jurisdictional requirements from other soon to come nations requiring similar FATCA data.

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