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Find out more about FATCA Accreditation


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FATCA Accreditations for FFIs, NFFEs and Vendors were launched in September. This presentation explains why your firm may value an Accreditation, whats involved and how to find out more. …

FATCA Accreditations for FFIs, NFFEs and Vendors were launched in September. This presentation explains why your firm may value an Accreditation, whats involved and how to find out more.
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  • US is progressively converging IRC Chapter 3 and IRC Chapter 4.This will have major impacts on all financial institutions, including those who don’t even think of themselves as financial institutions today.Chapter 3 and Chapter 4 have very different objectives, but will share some common threads. Most important of which is the system of self certifications
  • A collaboration of experts
  • Why does the industry need an Accreditation?Unlike IRC Chapter 3 – the QI regulations, FATCA does not contain any audit requirement. So the only FFIs that will undergo any form of due diligence will be FFIs that are also QIs.
  • The process is simple.Apply for an accreditation and you will be sent a Non-Disclosure Agreement and an Accreditation Agreement.Following receipt, you will be sent the Accreditation Questionnaire. Complete this to the best of your ability.You may be asked to be involved in a telephone or on site interview depending on your answers to help us determine or clarify an underlying issuesYou will receive a report showing how your firm was graded in each area. You can separately engage GlobeTax as subject matter experts, to address any perceived weaknesses in your accreditation marks.You will be able to indicate your accreditation status on your firm’s marketing and other materials and in communications with counterparties.The entire process should take around eight weeks start to finish.
  • Transcript

    • 1. FATCA Accreditation
    • 2. Why will Accreditation be important?- Convergence of rules based regulation Finding US people evading tax Withholding & Reporting on US- Sourced Income
    • 3. What is a FATCA Accreditation?A FATCA Accreditation is a standardised benchmarking process, undertaken by questionnaire andinterviews, overseen and peer-reviewed by recognisedSubject Matter Experts (SMEs) designed to establish anassessment of the degree to which an applicant firm is capable of being compliant to FATCA.
    • 4. A collaboration of experts20 years: 10 years:- Documentation Benchmarking of- Withholding International- Recovery Systems and- Relief at Source Services12 years:- QI and NQI compliance3 years:- FATCA operational research
    • 5. USWA Where is the risk? – throughout the financial chain of counterparties P-FFIIndividual NFFE FFI Non- Participating Non- Deemed P-FFIUS Participating US FFI FFI Compliant FFI (IGA) Registered Certified Passive Active Deemed Deemed Compliant Compliant > 50% of < 50% of Local FFIs Non registering local bank income from income from QIV Retirement Plan investments investments Restricted Funds Non Profits FATCA Partner FFIs Owner Documented FFI Low Value account FFI
    • 6. Standards Risk Why does the industry need a FATCA Accreditation?Control Complexity Cost
    • 7. What is the Accreditation Process? Application Questionnaire Subject Matter Expert Interview Review & Grade Accreditation
    • 8. Awareness, Applicant Training & Information Resources Account Withholding Holder capabilities information Privacy Laws Reporting and IGA capabilities status What does the Accreditation process cover? RelationshipManagement and Technology client Systemscommunications Account Existing Aggregation Account and currency analyses translation capability New Account US tax Procedures documents and policies
    • 9. For more information or to submit an applicationJayne Alfano Cathy WrightRoss