Are you Managing your Fraud Risk Proactively?

July 2020

Managing fraud risk proactively is imperative. It is not only about protecting against financial losses commonly associated with fraud.  It is also about surviving reputational risk.  There is a need for Organizations to create an environment and implement appropriate controls

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Did you know that IRS reinstated the “ASFR” program in 2019?

July 2020

Under Internal Revenue Code, Section 6620, if a Taxpayer does not timely file a U.S. tax return, the IRS is authorized to prepare and file a U.S. tax return for that Taxpayer based on the knowledge that it has on

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Does your Third-Party FATCA Consultant have the experience to interpret the complex US Tax Code?

July 2020

Foreign Financial Institutions (FFIs) have multiple FATCA reporting compliance responsibilities and face the possibility of penalties for not complying.  Understanding and interpreting more than 1,000 pages of FATCA regulations requires an underlying comprehension of their words (a new vocabulary) and

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FCInet is Connecting Data with different Worldwide Tax Organizations

July 2020

In 2018, the Organization for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an operational alliance

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¿Qué hay de nuevo en la Guía del “DOJ” de Evaluación del Programa de Cumplimiento Corporativo actualizada?

July 2020

El 1 de junio de 2020, la División Criminal del Departamento de Justicia (“DOJ”) publicó una actualización de la Evaluación de Programas de Cumplimiento Corporativo de la División Criminal del Departamento de Justicia de los Estados Unidos. La Guía de

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How does the “Accounting” for a Forgivable Loan received under the PPP work?

June 2020

The PPP (Paycheck Protection Program) was established by Congress to assist small businesses during the Covid-19 pandemic as part of the $2 trillion CARES Act.  Via the PPP, the U.S. Treasury requires the U.S. Small Business Administration (SBA) to fund

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No deje que el IRS llegue a Usted Primero

June 2020

Los Contribuyentes Estadounidenses con activos e ingresos financieros extranjeros no declarados corren el riesgo de que el Gobierno determine si su conducta fue intencional o no intencional.  La definición de conducta “intencional” o “no intencional” del Contribuyente hace una gran

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Las Instituciones Financieras ya no Pueden Permitirse Sub-Financiar la Contratación y la Capacitación del Cumplimiento

June 2020

La pandemia del Covid-19 y la reducción de la actividad económica que la acompaña ha sido una justificación para que las Instituciones Financieras (IF) vuelvan a analizar sus presupuestos para la capacitación y educación sobre el cumplimiento. Las IF, así

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OFAC no es parte de la BSA, pero la Convergencia está Ocurriendo

June 2020

El 15 de abril de 2020, los miembros del Consejo de Examen de Instituciones Financieras Federales (“FFIEC”) publicaron secciones actualizadas y procedimientos de examen relacionados con el Manual de Examen de la Ley de Secreto Bancario / Antilavado de Dinero

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El FATF identifica las Amenazas de Lavado de Dinero derivadas de la Crisis del Covid-19

June 2020

En mayo del 2020, el FATF (GAFI) publicó nuevas amenazas y vulnerabilidades de lavado de dinero y financiamiento del terrorismo derivadas de la crisis COVID-19. El documento destaca cómo el fraude, el cibercrimen, la mala dirección de los fondos del

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The FATF identifies Money Laundering Threats arising from the Covid-19 Crisis

June 2020

On May, 2020, the FATF published new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis.  The document highlights how fraud, cybercrime, misdirection of government funding and international financial assistance are opening the way for illicit

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The “Affidavit” in the IRS Streamlined Filing Compliance Procedures is a Key Component

June 2020

Streamlined Filing Compliance Procedures (Streamlined) is one of the options available for US Taxpayers with unreported foreign financial assets and income.  The intention of the program is to provide non-willful uncompliant Taxpayers with a less stressful path toward recovering compliant

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