Go to top
FATCA Concerns: Expats request tweaks to unintentionally punishing regulation
Archive
06 Sep
2016

FATCA Concerns: Expats request tweaks to unintentionally punishing regulation

The Foreign Account Tax Compliance Act (FATCA) has become infamous for its unintentionally damaging effect on the average American expat, as many foreign financial institutions (FFIs) attempt to mitigate their paperwork and risk by denying custom to American citizens according to expat groups with mainly anecdotal evidence. Groups protecting US expats are proposing tweaks to..

12 Apr
2016

How well do you know your clients’ tax affairs? Not enough … or too well?!

  • 12th April 2016
  • David Miller

Last week was an embarrassing week around the globe for a number of high profile politicians, sports personalities, multinationals, law firms, the rich and the famous.  The leak of the Panama papers – a data leak of almost 11.5 million documents, concerning the tax affairs of many – brings into sharp focus an agenda that..

08 Dec
2015

Six years on from the financial crisis… where have we got to and where do we go from here?

Financial regulation remains as complex as ever. Complex new niches such as shadow banking, Fintech, and Over-the-Counter Derivatives, and the increasing interconnectedness of Financial Institutions (FIs) across the world, have led to greater risks to be managed for regulators. With this in mind, how they manage to get ahead of these rapid financial evolutions and..

14 Oct
2015

Managing the complexities of client classification: the MiFID II push for LEIs

  • 14th October 2015
  • Mark Robinson

JWG analysis. As financial regulations keep piling up in the post-crisis world, it becomes increasingly difficult to recognise the similarities and differences between them.  The interdependencies on the Know Your Customer (KYC) front are present, but somewhat tangled.  Here we provide an overview of the current and upcoming client classification requirements under prominent regulations, and..

02 Oct
2015

GIIN! … LEI! … PRN?

  • 2nd October 2015
  • David Miller

JWG analysis. Over the course of the year, JWG’s Customer Data Management Group (CDMG) has covered in-depth customer due diligence and KYC requirements under global tax, reporting and anti-money laundering regulation, and market monitoring under MAR/MAD2.  For the ninth CDMG meeting, JWG took a different direction and covered fund management regulation and the regulatory interdependencies..

15 Jul
2015

What lies beneath?

JWG analysis. The Legal Entity Identifier is a top level form of identification, designed so that it can be applied and recognised universally.  Essentially, it should provide one unique code for each unique entity that holds data and be able to be applied anywhere in the world.  It sounds great doesn’t it?  It sounds like..

14 Jul
2015

Death by taxes

JWG analysis. Just as firms are getting their heads round reporting for FATCA, the OECD’s Common Reporting Standard (CRS), together with its band of early adopters, pops up.  Much has been written on comparing CRS with FATCA, highlighting that there is little to fear for there are synergies to be found.  If you are one..

02 Apr
2015

KYC regulatory challenges: on deck and ready to go?

  • 2nd April 2015
  • RegTechFS

JWG analysis. Firms have plenty of planes in the air right now.  The regulatory pressure on firms to ‘get KYC right’ in the form of new financial crime regulation, such as FATCA or AMLD IV, and huge fines means they will need to juggle these changes amidst an ongoing regulatory implementation effort. How you need..

02 Mar
2015

The 2015 challenge: hurdling the KYC bar

JWG analysis. With 40+ regulations covering 500+ KYC data requirements due to be implemented over the next 3 years, meeting the requirements poses significant challenges to all firms in the market, not least client outreach, data management and multiple, iterative, implementation dates.  Combined with record fines for AML failures, and new personal liability for senior..