Post-Event Workshop B
Wednesday | 15 February 2012
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FATCA Explained Part 2: Documentation And Reporting – Getting It Right From The Beginning |
The introduction of FATCA and its stricter withholding, documentation and reporting requirements will make an already complex and time consuming process even more so. Reporting requirements will not only apply to source income and income from redemptions and disposals – but also account movements, balances and savings accounts.
FATCA Explained Part 2 will take you through the documentation and reporting process step-by-step to ensure a complete understanding of what needs to be done, how to get there, the critical IT systems and partners you must involve and who in your organisation will be affected by the FATCA regime. Failure to comply with the necessary documentation and reporting requirements will result in the withholding of 30% of the proceeds of U.S. securities.
Workshop Timings:
Registration and coffee will be at 08.30. The workshops will begin promptly at 09.00 and run until 17.00. Lunch will be served at 12.30 and there will be one coffee break in the morning and one in the afternoon. Attendance certificates will be issued at the end of the workshop to participants that attend the entire workshop.
The Workshop Will Focus On The Following Key Areas:
- Understanding FATCAs documentation and reporting process, what you need to do and where to start
- Documentation and due diligence procedures
- What is the responsibility of the compliance officer? What are his or her obligation?
- Completing the customer identification procedures – how long do you get? From when?
- Knowing what the information reporting and documentation requirements are
- Performing annual reporting on U.S. accounts including: year end balances, receipts and withdrawls, and account closure information
- Correctly categorising your clients according to FFI/NFFI classification
- Duplicative reporting challenges – how are they addressed and dealt with?
- Meeting more robust KYC requirements
- What impact will data protection laws have on reporting or vice-versa?
- Complying with the IRS’s request for further information
- Can the documentation challenges be overcome?
Meet Your Workshop Leader:
Sunil Thacker
Legal & Tax Councelor,
Sunil Thacker, UAE
Sunil has over 12 years’ experience in banking and finance, commercial law and litigation, and international tax. Over the past three
years, Sunil has established himself as one of the expert advisers on construction and real property laws. He regularly contributes to
leading law journals, magazines and newspapers on diverse subjects including lititgation and arbitration, property regulations, money
laundering, international tax, biotech and healthcare.