Banking Compliance and FATCA Archives - Page 14 of 21

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?

May 2020

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?

May 2020

With respect to customers, Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs”. They 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

May 2020

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

January 2020

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

October 2019

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

May 2019

IRS: Las Cuentas Financieras “Offshore” NO pasarán Inadvertidas was published by JD Supra on 5/14/19. El 15 de marzo del 2019, el IRS informó que la ocultación de dinero o activos en cuentas extraterritoriales (“offshore”) no declaradas permanece en la

JD Supra

IRS: Offshore Financial Accounts will NOT go Unnoticed

May 2019

IRS: Offshore Financial Accounts will NOT go Unnoticed was published by JD Supra on 5/14/19. On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of

JD Supra

El Nudo Corredizo se está Cerrando

May 2019

El Nudo Corredizo se está Cerrando was published by JD Supra on 5/1/19. 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,

JD Supra

The Noose is Closing

May 2019

The Noose is Closing was published by JD Supra on 5/1/19. 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 for

JD Supra

Financial Institutions and Golden Passports

February 2019

Financial Institutions and Golden Passports was published by JD Supra on 2/27/19. 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”. Many Foreign Jurisdictions

JD Supra

Actualización de noticias sobre impuestos para los Contribuyentes Estadounidenses que viven en el Extranjero

February 2019

Actualización de noticias sobre impuestos para los Contribuyentes Estadounidenses que viven en el Extranjero was published by JD Supra on 2/5/19. Pasaporte La capacidad del IRS para negar o revocar los Pasaportes de los Contribuyentes con “deuda tributaria gravemente morosa