REGCO / AEI/CRS, AML/KYC, FATCA, QI, REGCO, Swiss CDB, Tax Compliance /
We are happy to invite you to our REGCO Breakfast Event that will provide an update on the 2019 updated Swiss CRS guidance notes and the revision of the Swiss CDB20 and Swiss AML rules. Further we will also target some FATCA/QI documentation renewal topics. The breakfast event will take place on Wednesday May 22, […]
REGCO / FATCA, QI, Tax Compliance /
FATCA Certifications In the newly published FAQ #13 on FATCA certifications, the IRS confirmed that FATCA certifications for the certification period ending December 31, 2017 are generally due no later than December 15, 2018. This deadline applies to all Foreign Financial Institutions, irrespective of the calendar year, which they have selected for their certification. Furthermore, […]
REGCO / FATCA, Tax Compliance /
The IRS informed on July 19, 2018 that the online FATCA registration portal will be upgraded within the coming weeks. The ROs will be notified per e-mail once the upgrade is completed. The IRS is advising all FATCA registered entities to log in to the updated portal and update their FATCA classification. The update is […]
The Swiss Bankers Association has published the revised Agreement on the Swiss Banks‘ Code with Regard to the Exercise of Due Diligence (CDB 20), which addresses, among other matters, the recommendations of the Financial Action Task Force on Money Laundering (FATF). The revised agreement will come into force on 1 January 2020 together with FINMA’s […]
REGCO / QI, Tax Compliance /
The IRS announced that the QI Portal is now open to accept QI Responsible Officer (RO) certifications. To assist ROs with the provision of the certifications, the IRS has updated the QI/WP/WT Application & Account Management User Guide (download here: https://www.irs.gov/pub/irs-pdf/p5262.pdf ) and added new FAQs covering the Periodic Certification (link here: https://www.irs.gov/businesses/corporations/qi-system-faqs#periodicQ1). The certification […]
REGCO / AEI/CRS, Tax Compliance /
The OECD has released a second edition of its CRS implementation handbook. The new edition provides additional and more up to date guidance on certain areas related to the effective implementation of CRS, covering topics such as legal framework for implementation of AEOI, data protection, IT and administrative infrastructures, as well as compliance matters. The […]
REGCO / FATCA, REGCO, Tax Compliance /
Designated Responsible Officers will soon have to certify their financial institution’s compliance with the requirements of the US Foreign Account Tax Compliance Act (FATCA) by submitting certifications to the Internal Revenue Service (IRS). The IRS has recently released further guidance on the certifications in form of draft certification questionnaires. At our next REGCO Breakfast Event […]
REGCO / FATCA, Tax Compliance /
The IRS released further guidance regarding the FATCA responsible officer certification. In particular, the IRS clarified that the FATCA registration portal, which contains the FATCA certifications, will not be available prior to July 2018. According to the IRS, FATCA responsible officers will have at least 3 months from deployment of the certifications on the FATCA […]
Based on the results provided by the Financial Action Task Force’s (FATF) International Co-operation Review Group (ICRG), the FATF has updated its public statements on high-risk and non-cooperative jurisdictions at its plenary meeting held in February 2018. As a result, on February 28, 2018, FINMA called on Swiss financial intermediaries to take the updated public […]
REGCO / QI, Tax Compliance /
The IRS has released further guidance on the QI responsible officer certification. QIs with certification period ending in 2017 and that have selected 2015 or 2016 for their periodic review or that have obtained a waiver of their periodic review, are granted an extension of two months for providing the QI responsible officer certification. The […]