Infographic: Common Reporting Standard (CRS) – a year on
Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA related global tax transparency regulations.
FATCA
Webinar: Lessons learned from the first year of CRS reporting obligations
Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA (AEOI) related global tax transparency regulations. A year on from our first FATCA and CRS survey, Thomson Reuters and Banking Technology joined forces to survey the industry – to assess the challenges faced by financial institutions […]
Two-day in-person seminar: Complete 1099, TIN Matching, B-Notice, FATCA and Nonresident Alien 1042-S Compliance Update
The average cost of a Notice of Proposed Penalty is estimated at $150,000 including the penalty itself and the added costs for consultants, personnel, remediation of legacy records, etc. Compliance is far less expensive than the alternative.
CRS: the end of tax evasion?
Tax evasion and tax fraud have been affecting governments finances all over the world over the decades. It occurs within a country and across countries. Thus, a single country cannot solve the problem on its own. Countries need to work more together and internationally to combat the problem home and abroad.
Top fintech stories this week – 10 June 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Goldman Sachs to underpin new digital bank with Infosys tech It’ll be the e-Finacle digital banking platform, Banking Technology understands. Infographics: The Euro 2016 guide to e-commerce In the spirit of that football tournament that starts today, we’ve got an e-commerce […]
Infographics: FATCA and CRS – how ready are you?
As we enter a new era in global tax reporting with increasing regulations around tax transparency, Banking Technology and Thomson Reuters have gathered industry views from across the globe to piece together a full picture on the financial market’s readiness for the Common Reporting Standard (CRS) and continued approach to the Foreign Account Tax Compliance […]
Webinar: FATCA & CRS Compliance: Are you ready?
We are now in a new era of global tax reporting, with more regulations around tax transparency than ever before. To pull together a full picture on the market’s readiness for the Common Reporting Standards (CRS) and approach to the Foreign Account Tax Compliance Act (FATCA), Thomson Reuters has gathered industry views from a global […]
FATCA and CRS survey: how ready are you?
With the new era in global tax reporting, Thomson Reuters is conducting a survey to gauge the level of the industry’s readiness for FATCA and CRS. Evolving global regulations around tax transparency are challenging organisations around the world to implement new procedures. Are you ready? We are calling on you to help us create a […]
AEOI: tax reporting doesn’t have to be taxing
With so much attention on FATCA in recent times, the financial services industry could be forgiven for seeing it as the most obtrusive regulation ever imposed. This view will soon change. Once the Automatic Exchange of Information (AEOI) comes into force, financial institutions will have far greater challenges to overcome.
Uniting entity data – the missed opportunity
In a post-2008 crisis landscape dominated by regulatory reform, compliance is only part of the issue. If firms can address how they manage multiple data sets and deploy a truly enterprise-wide model, they can capitalise on the real opportunity – achieving a competitive advantage.
SIX Financial Information gets ready for FATCA
Switzerland’s SIX Financial Information has begun delivering FATCA tax information to the US Inland Revenue Service, ahead of the controversial extraterritorial tax’s reporting deadline in July.
Relieving the pain and expense of compliance data management
The data management aspects of compliance can run into tens of thousands of man-hours per institution, each year. Firms have to adapt and find new techniques to manage this increasing burden.
Banks rush to bolster compliance
Firms like JP Morgan and HSBC have taken major measures to improve internal controls so that they can comply with new and changing regulations. It won’t end there.
Sapient rolls out FATCA compliance service
Sapient Global Markets has released a suite of software and services designed to help companies meet FATCA, the controversial new US regulation that obliges banks to report their US customers so that they can be taxed.
Doing reference data right: cheaper, better, faster … or else
What do hundreds-of-thousands of counterparties, dozens of regulations and your many regulators all want from you? Better counterparty classification …
FATCA-style agreements present taxing times for GRC teams
If your role has anything to do with governance, risk and compliance or with international tax agreements, then you’ll be familiar with the United States Foreign Account Tax Compliance Act and the potential impact on many of the world’s financial institutions …
Banks granted respite as US FATCA rule is delayed again
Delays to the controversial US FATCA rule have provided a valuable window of opportunity for financial institutions to prepare.
FATCA, IGAs and AML Technology
After a long wait, the first real FATCA implementation deadlines are just around the corner. To meet the new account identification requirements, by 1 January 2014, institutions should be in the process of implementing the necessary upgrades in their onboarding and overall compliance systems and processes.
How high? Re-setting the KYC bar
Regulators are busy raising the bar for KYC systems and controls. With conflicting purposes and customer data objectives, new guidance and industry solutions are needed in 2014
FATCA woes for US au pairs in Switzerland
They were never going to be happy in Switzerland about the US FATCA legislation that will be used to hunt down people avoiding US taxes, but it’s a surprise to hear that some Swiss burghers are feeling sorry for a group of US citizens who have become part of the fabric of society there.
FATCA: joining the KYC dots?
FATCA compliance might not need a separate programme – it ought to be covered by the same approach as AML, RDR and KYC regulations, among others.
Tackling FATCA compliance: using new regulations to win a competitive edge
With the January 2014 deadline looming on the horizon, financial organisations are realising that fast action is needed, and needed now, in order to be able to meet the first FATCA deadline for new account on-boarding.
Thomson Reuters debuts FATCA compliance kit
Thomson Reuters has launched a tool to help financial institutions comply with the US Foreign Account Tax Compliance Act, widely known as FATCA, which requires banks to identify their US customers for tax purposes.
