What does FATCA mean?: AML Compliance Consultants

What is FATCA?

FATCA is an acronym for Foreign Account Tax Compliance Act and it was introduced by the United States Government in 2009 to ensure that U.S. persons with financial assets outside of the United States are paying U.S taxes .

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What is the rationale behind introducing FATCA legislation?

The main objective is to obtain information on U.S. persons who may have financial assets outside of the U.S, or those U.S. persons who may be investing and earning income through financial institutions outside the United States.

Who is affected by FATCA?

U.S. citizens or U.S. registered businesses such as limited liability companies, trusts, partnerships, estates;

US individual residents, including US Green Cardholders;

US individuals who own certain foreign financial accounts or other offshore assets;

Local businesses/companies that have U.S. ownership;

FFIs- any non U.S. financial institution (an institution that accepts deposits, invests, trades securities).

What are financial Institutions required to do with respect to FATCA?

Undertake certain identification and due diligence procedures involving new customers desirous of opening new accounts;

Report annually to the Internal Revenue Service (IRS) information on customers who are U.S persons or foreign entities with substantial U.S. ownership;

Close accounts of certain customers who do not wish to cooperate with the new FATCA requirements including;

(a) Non-participating financial institutions or ;

(b) Customers who fail to provide sufficient information to determine whether or not they are a U.S. person.

Who is a U.S. person for the purposes of FATCA?

A citizen or resident of the United States, including a green card holder;

A partnership, corporation, estate, trust incorporated or created under US law (US incorporated entity);

A non U.S. incorporated entity having substantial ownership held by –an individual who was born in the US or is a US citizen/resident (including a green card holder) or has a US address or a US mailing address;

A U.S. incorporated entity.

How would I know if I am a U.S. Person under FATCA?

The following are captured in this definition:

U.S. resident or citizen including US Green Card holders;

U.S. Place of Birth;

U.S. home or mailing address;

Only address is a U.S. PO Box, C/O mail address

Power of attorney or signing authority having U.S. address

A U.S. telephone number;

Standing order to transfer funds to an account in the U.S.

What are the FATCA forms?

There are various FATCA forms that are to be completed by the Applicant:

U.S. Person Status Form (Individuals only);

Non US Person Declaration;

Non US Person /Letter of Explanation of US Address;

Waiver of Confidentiality/Data Protection for US Person.

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What does the FIU mean?AML Compliance Consultants

The Financial Intelligence Unit (FIU) is the  primary institution for the collection of financial intelligence and information and the analysis, dissemination, and exchange of such financial intelligence this will also include information among law enforcement authorities, financial institution and listed businesses.

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The author is the first Online Lawyer  based in Trinidad and Tobago. She specializes in Anti-Money Laundering and FIU Compliance.

She is a Certified Professional in the following areas:

Anti-Money Laundering and Financial Crimes;

Fraud Risk Management;

Taxation;

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What is an AML Compliance Officer?AML Compliance Consultants

This is someone with a background in law, finance, management, insurance, accounting who will ensure that your company follows all the laws and regulations with respect to anti money laundering .

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Ebooks on Sale:

How to Register a Sole Trader;

How to De-Register a Sole Trader;

How to Register a Partnership;

How to Change from a Sole Trader to a Limited Liability Company Trinidad;

How to Dissolve a Limited Liability Company.

The author is the first Online Lawyer based in Trinidad and Tobago. I She specializes in Corporate Law and Financial Crimes.

She is a Certified Professional in the following areas:

Taxation;

Corporate Training;

Anti-Money Laundering and Financial Crimes;

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AML Training: How many times per year ?AML Compliance Consultants

Generally training is conducted at least once per year. However for the front line employees training may be done quarterly, especially for those employed in a financial institution.

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The Author is an attorney at law based in Trinidad and Tobago. She specializes in Anti Money Laundering and Financial Crimes.

Website :http://asydneygroup.com

Call or Whatsapp 868 373-1166

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