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FATCA Concerns: Expats request tweaks to unintentionally punishing regulation
06 Sep

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 Read More

14 Jul

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 Read More

09 Feb

Customer data battle: can the KYC clearing house break the stalemate?

JWG analysis. There is a war going on to ‘Know Your Customer’.  As regulators continue to release new requirements for firms to collect and maintain information about their clients and counterparties, the struggle to comply has turned into trench warfare fought across many fronts, and new strategies are needed to avoid a long and uncertain Read More

27 Sep

2014’s KYC implementation: How long before new data collection becomes unfeasible?

  • 27th September 2013
  • RegTechFS

It’s common knowledge that KYC requirements are becoming a major problem for banks, many of whom have thousands of employees conducting due diligence, document collection or data entry. Unfortunately, the regulatory trend towards more and enhanced customer data has not abated. JWG research has shown that 20+ regulations to be implemented over the next 3 Read More

12 Aug

Death and…? Final UK FATCA rules end uncertainty

  • 12th August 2013
  • RegTechFS

The Government has finally published the International Tax Compliance (United States of America) Regulations 2013  (as FATCA is named in the UK) to formalise the agreement reached between the UK and US Governments last year. We saw the draft regulations in February this year, but there has been a great deal of uncertainty on just Read More

18 Jul

FATCA delayed six months

The Internal Revenue Service (IRS) and the US Department of the Treasury has revised the timelines for implementing reporting and withholding requirements under the Foreign Account Tax Compliance Act (FATCA). These delays are very welcome to firms, particularly FFIs, still facing uncertain requirements and a short implementation timeframe. Withholding on U.S. source income, such as Read More

18 Jun

How high? Re-setting the KYC bar

  • 18th June 2013
  • RegTechFS

Regulators are busy raising the bar for KYC systems and controls. With conflicting purposes and customer data objectives, new guidance and industry solutions are needed in 2014 2013 has been a busy year for both rule-makers and financial institutions as far as KYC requirements go. Aside from the finalisation of a vast array of trading Read More

29 Apr

G20 demands strengthening of tax evasion legislation – is TRACE the answer?

The G-20’s April meeting in Washington set out the agenda for Leaders’ summit in September, and detailed their key legislative priorities. Amongst the expected items on Basel III implementation, tax evasion featured surprisingly prominently. In the communique released last week, G20 ministers said that ‘more needs to be done to address the issues of international Read More