¿Qué sucede si una FFI pierde su GIIN?
Para estar registrado en FATCA y exento de retención por parte de los agentes de retención de los Estados Unidos, una institución financiera extranjera (“FFI”) debe de tener un número de identificación de intermediario global (“GIIN”). Una institución financiera extranjera
- Foodman website and JD Supra
OFAC is not part of the BSA, But Convergence is Occurring
On April 15, 2020, the members of the Federal Financial Institutions Examination Council (FFIEC) released updated sections and related examination procedures to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual) which provide instructions to examiners when assessing the adequacy
What happens if an FFI loses its GIIN?
In order to be FATCA registered and exempt from withholding by U.S. withholding agents, a Foreign Financial Institution (FFI) must have a Global Intermediary Identification Number (GIIN). A Foreign Financial Institution withoutaGIIN is treated as unregistered in FATCA and faces
- Foodman website and JD Supra
How are Financial Institutions identifying and managing their PEP relationships?
With respect to customers, Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs”. PEPs are individuals perceived as more vulnerable to corruption and bribery involvement due to a current or past
- Foodman website and JD Supra
Financial Institutions Ought to Remain Alert to Illicit Financial Activity During Covid-19
On March 16, 2020, FinCEN advised Financial Institutions to be on the alert about fraudulent transactions and potential illicit behavior connected to Covid-19. FinCEN encouraged Financial Institutions to contact their functional regulator if the financial Institution has concerns about delays
- Foodman website and JD Supra
IRS issues FATCA Relief but not for All
On September 6, 2019, IRS announced Relief Procedures for Certain Former Citizens. These are procedures for certain persons who have relinquished, or intend to relinquish, their United States citizenship, who wish to come into compliance with their U.S. income tax
- JD Supra and Foodman Website
Automatic Exchange of Information leads to Deposit Drops at International Financial Centers
On June 7, 2019, the Organisation for Economic Co-operation and Development (OECD) released a Memo which is a “summary of ongoing work to assess the impact of increasing tax transparency and exchange of information (EOI) on cross-border financial activity using
- Foodman CPAs & Advisors
IRS: Las Cuentas Financieras “Offshore” NO pasarán Inadvertidas
El 15 de marzo del 2019, el IRS informó que la ocultación de dinero o activos en cuentas extraterritoriales (“offshore”) no declaradas https://www.jdsupra.com/legalnews/irs-las-cuentas-financieras-offshore-no-56875/
- JD Supra
IRS: Offshore Financial Accounts will NOT go Unnoticed
On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on https://www.jdsupra.com/legalnews/irs-offshore-financial-accounts-will-15248/
- JD Supra
El Nudo Corredizo se está Cerrando
Ahora que el IRS lleva cuatro años intercambiando datos de FATCA en sus computadoras y se está embarcando en una Campaña de Exactitud de Presentación de FATCA, existe una urgencia https://www.jdsupra.com/legalnews/el-nudo-corredizo-se-esta-cerrando-65241/
- JD Supra
The Noose is Closing
Now that IRS has four years of FATCA exchanged data in its computers and is embarking on a FATCA Filing Accuracy Campaign, there is a special urgency for https://www.jdsupra.com/legalnews/the-noose-is-closing-28698/
- JD Supra
Financial Institutions and Golden Passports
On October 16, 2018, the Organization for Economic Cooperation and Development (OECD) issued guidance to Financial Institutions (FIs) regarding what is known as “Golden Passports”. https://www.jdsupra.com/legalnews/financial-institutions-and-golden-70969/
- JD Supra
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How are Financial Institutions identifying and managing their PEP relationships?
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