The Help Desk at Foodman CPAs & Advisors is designed to provide financial institutions and businesses with on-demand, expert assistance for a wide range of regulatory compliance challenges. This service is particularly beneficial for addressing complex, time-sensitive issues across various regulatory frameworks.
Here are some specific situations where the Help Desk can assist:
- FATCA and CRS Compliance:
• Clarifying the FATCA or CRS status of account holders based on account holder provided information for reporting of U.S. persons, entities, and substantial owners.
• Assisting with the administration of the IRS FATCA Portal, including updates for Responsible Officers (RO), Points of Contact (POC), and other changes in circumstances.
• Providing guidance on FATCA certifications, such as COPA or Periodic Certifications, and addressing non-compliance events like GIIN terminations.
• Navigating challenges related to investment funds and trusts classified as Foreign Financial Institutions (FFIs) under FATCA. - Documentation and Reporting:
• Offering training on W-series forms (e.g., W-8BEN-E) to establish proper documentation for account openings and compliance with IRS requirements.
• Enhancing the quality of Suspicious Activity Reports (SARs) submitted to financial regulators by reviewing customer information collection processes and transaction monitoring. - AML (Anti-Money Laundering) Compliance:
• Reviewing and updating AML policies and procedures to align with current regulations.
• Assisting with internal audits and compliance program evaluations to establish readiness for regulatory changes. - OFAC (Office of Foreign Assets Control) Compliance:
• Mitigating risks associated with sanctions violations by developing or refining internal sanctions compliance programs.
• Providing training on OFAC essentials, including enforcement mechanisms and best practices. - FCPA (Foreign Corrupt Practices Act) Compliance:
• Educating teams on identifying red flags that could lead to FCPA violations.
• Helping organizations understand the principles of anti-corruption laws to protect their reputation and avoid penalties. - Regulatory Updates and Risk Management:
• Offering real-time insights into new regulatory developments, such as IRS processes or updates to FATCA laws.
• Providing actionable advice for managing cross-border compliance challenges, including varying data privacy standards across jurisdictions. - Customized Solutions for Unique Challenges:
• Addressing institution-specific questions that fall outside standard scenarios, such as handling “patrimonios autónomos” or collective investment funds.
• Supporting staff with tailored solutions for adequate due diligence implementation and documentation.
The Help Desk operates on a pre-purchased time block model, making it a cost-effective solution for institutions seeking expert guidance without committing to long-term consulting engagements. By offering prompt responses and practical advice, the Help Desk empowers organizations to resolve compliance issues efficiently while enhancing their internal knowledge base.
Reach out to us to learn more about Help Desk.
If you are attending the FIBA AML conference in Miami March 24-27, schedule a meeting with us there.
We’re here to help you with your regulatory compliance needs.
