At Alacra, we understand the difficult workflow decisions financial firms are facing with multiple jurisdictions, reporting requirements, and KYC initiatives. We work closely with our clients and the industry to help everyone make compliance robust and simpler. As such, we recently brought together several clients for our second FATCA Workshop Evening on February 12. The Workshop attendees included representatives of nine major global banks, including RBC, who graciously hosted the event at their offices.
The aim of Alacra's FATCA Workshop is to bring compliance peers together to informally discuss their approaches to, and concerns with, implementing this new and challenging directive. All conversations are kept confidential.
The format is informal with small group discussion on far ranging topics from FATCA to football. The FATCA discussion became lively as one participant distributed a top level FATCA Flow Diagram, sparking several discussions across a range of related topics, including what sits in KYC and what sits within Tax; where in the process the W8 and W9 is collected; when should the FATCA classification be confirmed; and USA branches vs. IGA and withholding.
For FATCA flow diagram samples, see some from around the web: here, here, here, and here.
The next event will be held in London in April 2013. Anyone interested in FATCA and a frank exchange with peers is welcome - please contact us at events [at] alacra.com or contact your Alacra Account Representative to be added to the registration list.
Comments