The Challenges for Financial Institutions
Vigilance is mandatory to help ensure compliance. Because of the ongoing convergence by regulatory agencies, financial institution corporate governance must evolve along with the evolution of requirements by multiple regulatory government agencies. We help address regulatory requirements by supporting each financial institution’s incorporation and implementation of a proprietary program of compliance through our customized toolkit that has enabled hundreds of financial institutions to become more self-reliant.
The Challenges for Financial Institutions
Through our advisory and consulting services, we educate our clients to make prudent regulatory compliance decisions. Our services for financial institutions and businesses include:
-
FATCA Implementation Service
-
CRS (OECD) Implementation Services
-
Qualified Intermediary (QI) Implementation
-
Representation in front of the Internal Revenue Service (IRS)
-
Anti-Money Laundering Advisory Services
-
Correspondent Bank Relationships-De-Risking Representation
-
FCPA Reviews and Investigations
-
OFAC Reviews and Investigations
-
Compliance Audits and Plans
-
Customized Training Workshops, Webinars
-
Help desk
General Compliance video
Foodman offers several tools for regulatory compliance self-reliance.
-
Help DeskHelp Desk
-
E-LearningE-Learning
-
WebinarsWebinars
Testimonials: FATCA & CRS Certified Professional© (FCCP)
“After the Foodman FCCP course, I feel like I understand the FATCA and CRS compliance requirements much better. It was also very helpful for me to understand more about the general picture of tax compliance in the US. Now I know that the IRS has several tools to detect tax evasion and for this reason, FATCA and CRS have been implemented. The global flow of information will continue, and all banks have to be prepared”.
“The FCCP clarified for our team doubts that we had about certain FATCA status of some account holders. We have better clarity on how to report on US natural persons, US incorporated legal entities and US substantial owners. The course also explained very well how account holders must certify their tax status to the Bank by signing the certification forms, either from the IRS or the local equivalent. The team is very satisfied and proud to have obtained an FCCP Certification”.
“Being from Colombia, the Sponsoring Entity issue is vital. In the course, Foodman explains how to become a “Sponsoring Entity” by registering for the second time since we previously had a GIIN. Now as a sponsor, we can register other sponsored entities under the same FATCA portal. In addition, as we are an FFI from an IGA 1 country, we may have Trust accounts exempt from requiring a GIIN, although they are reported by FATCA. The course helped us understand the concept of the third GIIN to report Trusts”.
“Our FATCA/CRS Team participated in the Foodman FCCP certification. The course was a good refresher for the team since we have been with the FATCA topic for some time and recently with CRS. What helped us the most was the presentation of the FATCA compliance program. We have a FATCA and CRS compliance program in place, but we were able to observe during the course that certain procedures and processes were not up to par. We reviewed again how we had planned and implemented the program as well as what action plan there is in relation to the findings we found. We learned how to improve various processes. We are now going to work separately with Foodman on an audit plan”.
Testimonials: Corporate Governance and Regulatory Compliance
“The FATCA law update service provided by Foodman CPAs & Advisors has been essential for us. Foodman provides us with summaries of new processes of the act, as well as clarifications and comments. For example, Foodman assisted us with the new IRS processes related to the termination of the GIIN of the FFIs for non-compliance in the submission of the FATCA compliance certifications. Thanks to Foodman’s explanation, we can understand the events of non-compliance of an FFI that does not comply with the delivery of FATCA certifications (COPA or periodic), the notifications to the FFI from the IRS about this event, the termination of a GIIN; and the appeal process for the FFI that wants to get its GIIN back”.
“Foodman CPAs & Advisors has provided us with assistance regarding the administration of the IRS FATCA portal. Now we understand better when to access and navigate the portal like a change of R.O. (when you must make a substitution), change or addition of POC, changes in circumstances or if the portal has incorrect, inaccurate, or outdated information. Now we make sure that the portal has the necessary monitoring, and we are attentive to all messages from the IRS”.
“Investment funds and trusts require extremely detailed and specialized attention as they can be classified as FFIs under FATCA. The FATCA requirements for determining whether a trust meets the definition of an FFI, as well as what to do when an entity does not meet the requirements, is a concept to master. Foodman has clearly explained to us the requirements that determine whether a trust should be considered an FFI that must participate in FATCA or be sponsored. We are now clear on how to proceed as a sponsor and apply FATCA due diligence procedures, report any US controlling person and obtain the GIIN for the sponsored trust or fund.”
“We had a situation where the IRS was not satisfied with our self-certifications of compliance as a participating FFI. Unexpectedly, the I.R.S. asked us for corrections to previously submitted FATCA reports, validation of clients’ TINs, copies of various withholding certificates in our local equivalent (which had to be translated into English), and copies of our FATCA policies and procedures. Fortunately, Foodman helped us correct everything mentioned, including refocusing and updating our FATCA Procedures Manual and compliance with the law”.
“We have had difficulties with Form W8 BEN E when opening accounts with US banks, particularly with part XXVI of the passive NFFE classification. We got a training from Foodman via Zoom on all the W series forms and finally we have our own understanding of how to document our clients and accounts correctly”.
“Our financial institution decided to participate in the Foodman CPAs & Advisors training on the internal audit/risk unit of FATCA and CRS. The risk, internal audit and compliance staff with the verification responsibilities of FATCA and CRS attended the training. This training covered major topics such as the FATCA audit plan, managerial engagement, FATCA due diligence – including the FATCA Report, intermediation with the IRS, and client documentation. Given the change in work circumstances due to the pandemic as well as staff turnover, this training ensured that all staff are at the same level, and we can all proceed together. Thank you Foodman!”.
“We feel that we have come a long way with the FATCA and CRS subject. However, questions that are outside of the norm continually arise from staff. Ranging from how to treat “patrimonios autonomos” or collective investment funds. We have the support of the Foodman Help Desk. Through this Help Desk, we find solutions and answers to our concerns effectively and promptly. In this way, staff can resolve and proceed with internally documented relevant due diligence”.
Testimonials for Corporate Governance
“Foodman CPAs & Advisors provided us with an on-line training course on all the OFAC essentials. Our internal audit team was able to understand how to mitigate the possibility of what can be very costly sanctions violations. OFAC laws and penalties were clearly outlined as well as the components related to the development of our bank’s internal sanctions compliance program. We now understand how OFAC enforces sanctions compliance, and we are prepared”.
“Over a 4-hour training period via Zoom, Foodman CPAs & Advisors presented to our team in San Jose, Costa Rica and in Miami, Florida, the fundamentals, and principles of the FCPA. Our compliance team was in need of further understanding the U.S. anti-corruption law. We were taught how to pinpoint red flags that can lead to an FCPA violation. The board of directors of our institution is up next to take the FCPA training as the board values the importance of the bank’s reputation and how a violation can harm the bank’s reputation”.
“Our financial institution was in need to review the process of how we collect customer information as well the monitoring of transactions. We also needed to improve the content of our suspicious activity reports that are submitted to the financial regulators. Our Financial Institution is very focused of ensuring that we are continually following all the AML regulations. Foodman CPAs & Advisors assisted us in the areas of:
Know Your Customer (KYC)
Customer due diligence (CDD)
Customer and transaction screening
Suspicious activity reporting
Foodman reviewed all of AML Policies and Procedures. Our bank’s AML Compliance Program is now up to date. We are prepared to make internal changes and arrangements when the rules change. We feel empowered and self-sufficient”.
