Articles

Gain deeper insight with articles that give our considered opinion and predictions of where the industry will go next.

Muinmos and TConsult ink deal over digital investor tax self-declarations

Muinmos and TConsult have signed an agreement to integrate TConsult’s Investor Self-Declaration platform (ISD) into Muinmos’ Client Onboarding Platform, enabling Muinmos’ clients, typically financial institutions, to automatically obtain ISDs instead of using multiple paper tax certification forms to document the tax status of their clients.

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Training: The QI’s Achilles’ Heel

Training is an essential component of your obligations as a QI. In this article we explore what the QI Agreement says about training and how we can help you to deliver cost-effective training to everyone in your firm with a role in QI compliance.

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Announcing the Tax Compliance Toolkit Training Academy

We are delighted to officially announce the launch of the Tax Compliance Toolkit Training Academy with our debut course: QI Essentials.

This course provides a foundation level understanding of the U.S. qualified intermediary regime and the role you play in helping your firm to be compliant with the terms of the QI Agreement. Find out how you can access the training...

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Argentina becomes latest jurisdiction to sign an IGA with the USA

The latest FATCA news is that Argentina has signed a Model 1A IGA with the US. We consider what this means for Argentine financial institutions.

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  • Tax Congress for Financial Institutions (London)

    TConsult's chairman, Ross McGill, will be appearing as a panelist at the Tax Congress for Financial Institutions in London on Wednesday 19th September alongside Peter Grant from KPMG and Kevin Custis from Rathbones to discuss KYC, AML, Tax Avoidance and Tax Evasion in the Digital Age.Read more

  • FATCA Failures: Holistic compliance or just full of holes?

    In the last eighteen months we’ve conducted compliance reviews in five countries on twelve Tier 2 and Tier 3 financial institutions. In this post, we unpick the strategies we have seen firms use to approach their QI and FATCA obligations, and highlight the problems we have observed when firms fail to take a holistic approach to compliance.Read more

  • Your ‘Bible’ to Compliance

    The road to compliance is never ending and the IRS have certainly given us some interesting scenery to admire as we traverse the QI regulatory landscape. In this post we discuss the importance of a living compliance program, and highlight some of the IRS announcements that need to be reflected in your policies and procedures if you want to remain fully compliant.Read more

  • Validating W-8 Forms: Cultivating an Eye for Detail

    We are often asked what constitutes a consequential or an inconsequential error when validating a W-8 form. Some errors are obviously consequential, but what happens if an error appears relatively trivial, such as an incorrect date format? In this post, we explore how you can assess the risks involved and make a judgement about whether to reject or validate a W-8 form.Read more

  • I speak English, French and FATCA

    Acronyms have two main uses: to facilitate efficient communication between professionals within a given discipline where the long form of technical terms would be unwieldy, and to create a barrier to communication - a secret language that you can only understand if you are within the profession. In this post, Ross McGill gives a quick guide to the acronyms of FATCA.Read more

  • GATCA: A Practical Guide to Global Anti-Tax Evasion Frameworks

    TConsult's subject matter experts Ross McGill, Chris Haye and Stuart Lipo have written a new book providing a practical guide to global anti-tax evasion frameworks. In this post, Stuart describes the context for the book...Read more

  • Are FATCA’s Dissenters Tilting at Windmills?

    Like Don Quixote, FATCA’s dissenters may have misidentified their enemy. So what is the problem with FATCA and what might happen if the anti-FATCA movement succeed in getting it repealed?Read more

  • The Challenges of GATCA

    The global anti-tax evasion frameworks that comprise GATCA have as many commonalities as they have differences, so it makes sense to approach regulatory compliance in a holistic fashion. In this post, we explore how smaller firms are responding to the pressures of compliance...Read more

  • FATCA Misconceptions

    For some within the industry, the mere mention of ‘FATCA’ is enough to spark compliance-nightmare flashbacks. The ever unpopular FATCA regulations have now been with us for seven years. But, despite its relative longevity, there are a surprising number of misconceptions surrounding FATCA....Read more

  • Will AEoI be the new Equifax?

    What are the data security risks associated with the AEoI framework? In this post, Ross McGill explores some of the risks and issues a stark warning to the financial services industry.Read more