Compliance Shall Not be “Underfunded”

December 2020

Compliance Professionals continue protecting their Financial Institutions during these unprecedented times. They have become a source of regulatory information for Financial Institutions facing challenges that are changing from day to day.  As the Pandemic continues, Compliance Departments and Compliance Officers

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After Ten Years, FATCA is NOT GOING AWAY!

December 2020

FATCA was signed into law in March 2010 with the objective of combating international income tax reporting non-compliance by US citizens and U.S. taxpaying residents (US Taxpayers). It requires Foreign Financial Institutions (FFIs) to annually report the reportable balances and

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“Reasonable Cause” When Dealing with the IRS

December 2020

On November 5, 2020, the IRS removed the Delinquent Information Submission Procedure Program from its Offshore Compliance Options Menu.  Before the removal of this program, a US Taxpayer could file a “delinquent” international information tax return with what is known

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What can I do if I willfully failed to comply with my tax obligations?

Voluntary compliance is the foundation of the US tax system. Although the majority of US Taxpayers voluntarily comply with their obligations, some fail to do so.    Submitting a voluntary disclosure via the Voluntary Disclosure Practice may resolve a Taxpayer’s

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IRS Commissioner Hylton sends an important message to high income non-filers

December 2020

On December 3, 2020, the IRS published  “How the IRS prioritizes compliance work on high income non-filers through national and international efforts” in the Closer Look.    It addresses how the IRS is in pursuit of high-income non-filers as an important

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Un Contador Forense que lleva el componente de investigación a un asunto en cuestión puede darle una ventaja a un Abogado

December 2020

Presentar los resultados de una manera fácil de entender es algo que uno debe esperar que un contador forense ponga en práctica. El conjunto de habilidades de un contador forense puede proporcionar una ventaja significativa al tomar datos financieros complejos

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A Forensic Accountant Bringing the Investigative Component to a Matter at Hand, Can Give an Attorney an Edge

December 2020

Presenting results in an easily understood manner is something one must expect a forensic accountant to bring to the plate. The skill set of a forensic accountant can provide a significant advantage by taking complex financial data and putting it

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¿Mantiene su Institución Financiera un Cumplimiento Continuo con FATCA?

December 2020

La participación en FATCA no es una opción, llegó para quedarse y es parte de una iniciativa global. FATCA es complicado, y para los banqueros, ha implicado aprender nueva terminología y comprender en exceso de un mil de páginas de

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Is your Financial Institution Maintaining Continuous Compliance with FATCA?

December 2020

Participation in FATCA is not an option, it is here to stay, and it is part of a global initiative. FATCA is complicated, and for the bankers, it has implied learning new terminology and understanding thousands of pages of a

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The BSA CASTS A WIDER NET

November 2020

On  September 15, 2020,  FinCEN issued a Final Rule stating that Banks lacking a Federal Functional Regulator will be required to establish and implement AML programs including policies and procedures,  a dedicated compliance officer, employee training,  an independent audit function

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Did you know that FinCEN maintains Data Access Memoranda of Understanding (MOUs) that have over 12,700 authorized users?

November 2020

FinCEN has more than 400 data-access MOUs with federal, state, and local law enforcement regulatory agencies     relating to BSA data.  It consolidates the information that it receives and shares the consolidated reports with regulatory agencies. All the supervisory agencies update

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While FinCEN lacks Independent Litigating Authority, it is the Regulator for the BSA and is responsible for the administration of BSA/AML

November 2020

FinCEN issues implementing regulations that “ensure” compliance with the BSA.  FinCEN delegates its examination authority to federal agencies.  These federal agencies are the “Federal Functional Regulators” who supervise institutions for BSA compliance.  They are the: Federal Deposit Insurance Corporation (FDIC)

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