Articles
Gain deeper insight with articles that give our considered opinion and predictions of where the industry will go next.
The New QI Agreement 2023: What it means for you (Webinar Recording)
A new QI Agreement is due to be released in January 2023, including new obligations for qualified intermediaries that allow their clients to own interests in publicly traded partnerships.
We hosted a webinar on 8th December for financial institutions in Taiwan and Hong Kong to explain the implications of these proposed changes. Watch the recording now...
Saudi Arabia KYC Rule Approval: What it means for you (Webinar Recording)
Saudi Arabia’s KYC rules were approved by the IRS earlier this year, which means that all Saudi Arabian financial institutions are now eligible to apply for QI status.
We hosted a webinar on 30th November for financial institutions in Saudi Arabia to explain the benefits of becoming a QI. Watch the recording now...
DTC 1042-S Announcements
The DTC has recently launched a new service called the 1042-S Announcement service.
This article is an opinion editorial (op-ed) providing our personal interpretation of the impact of the new service.
Periodic Review and Certification: QIs in Taiwan Take Note
Many financial institutions in Taiwan became qualified intermediaries in 2018 and 2019 and are now approaching their first periodic review.
Find out what you need to consider when selecting a reviewer…
Are AML and CFT Based Practices for Validation of Tax Residency Inadequate for AEoI CRS Purposes?
Marco Zawar shares his views on why Anti Money Laundering and Counter Financing of Terrorsism related due diligence measures in Hong Kong are insufficient to meet financial institutions’ AML/KYC requirements under AEoI/CRS…
Four things you need to know in the US tax reporting season
1042-S U.S. tax reporting season is upon us, so we are sharing our top tips based on the problems we see in the market.
Find out how to ensure your reporting goes smoothly in 2022…
3 Big Problems with US Tax Regulations
We explore some of the problems we have encountered surrounding the use of Form W-8BEN-E by brokerages and issuers of equity linked instruments.
5 things you need to know about U.S. tax reporting in 2022
If your firm is exposed to the US securities market, you may have a 1042-S and 1042 reporting obligation to the IRS. Find out more...
FATCA AML/KYC procedures in Hong Kong: State-of-the-art compliance?
Can tax authorities rely on the fact that financial institutions have adequate AML/KYC and client due diligence procedures in place to populate and file the fiscal information required under FATCA?
Periodic Review Certifications – A Beginners Guide
February 29, 2024After my last article about periodic reviews, a few people asked questions about the types of certifications submitted to the […]Read more
Periodic Reviews – Essential Oversight for QIs
February 27, 2024I just know that a lot of you groaned and put your heads in your hands when you read that […]Read more
定期審查-對QI不可或缺的監管
February 23, 2024我只知道，當您們看到這個標題時，很多人都會痛苦呻吟，並將頭埋入手中。我每天都在和QIs打交道，他們告訴我定期審查是一件多麼令人頭疼的事情，要做好又是多麼具有挑戰性。我想，有不少人都希望不要再處理這些了！ 但不管您是否喜歡，如果您在一家涉足美國資本市場的金融機構工作，那麼您的公司完全有可能與美國國稅局簽訂協議，成為QI或稱合格中介機構。這意味著您必須進行定期審查。 QIs與您們的義務 如果您是一家QI，您將簽署一份QI協議。這份長達205頁的文件概述了您作為QI的所有義務，以及美國稅收法第3章和第4章規定的監管義務。以防您實際上沒有閱讀該文件的全部內容，其中大部份義務都與稅務業務、記錄客戶、預扣稅款並向美國財政部繳納稅款以及向美國國稅局報告有關。 然而，合約中還有一個治理部分。許多公司要麼認為這部份並不重要，要麼沒有足夠重視，而這可能會成為他們的禍根。因此，為了讓大家更好地理解，QI協議中的監管內容有： 控制 監管 執行 涵蓋的內容很多，所以今天我們只談第二點–監管。 如果您簽署了一份長達205頁的合約，您就會希望合約中會有一些條款，規定您如何確保簽約方履行他們的義務–以及他們如何知道您履行了您的義務。IRS是使用QI每三年必須進行一次認證的系統來實現這一點。由於QI合約為期6年，因此每個QI在合約期內需要進行兩次認證。每次認證之前都會進行定期審查。 誰進行定期審查? 安排定期審查是責任長官(Responsible Officer)的工作之一。這是您機構中負責監督QI流程的人員，也是身為QI必須履行的控制義務。由於QI義務非常廣泛且複雜，責任長官在做出任何認證之前必須做兩件事： 簽訂合約並監督定期審查 確保您(QI)擁有有效的內部控制 這代表他們必須指派專業人員進行定期審查。IRS對於誰可以進行定期審查有兩項規定。 審查人員必須獨立：QI協議規定，審查人員必須有足夠的獨立性來進行審查，不能審查自己的工作或同一「公司」內其他任何人的工作。因此，如果您讓顧問幫助您進行QI申請或合規計劃，那麼IRS認為他們不是獨立的，不能擔任您的審查人員。我們經常使用我們的Tax Compliance Toolkit平台進行定期審查。 審查人員必須稱職：審查人員需要對QI的帳戶進行測試，以確保他們正確記錄客戶，並確保文檔是有效的、正確地預扣稅款並在FATCA和QI中正確地申報。大多數金融機構的內部審計團隊都很難做到這一點，因為他們往往沒有足夠的美國預扣稅合規知識或經驗。因此，大多數QI需要使用外部審計人員(auditor)或第三方顧問(例如我們)。 […]Read more
1042-S Reporting – A 9-Month Activity You’re Already Behind On
February 14, 2024It’s that time of year again – US 1042-S reporting season! It’s a financial institution’s worst nightmare, and many aren’t […]Read more
Muinmos and TConsult ink deal over digital investor tax self-declarations
October 2, 2023Muinmos 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.Read more
Training: The QI’s Achilles’ Heel
April 20, 2023Training 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.Read more
Announcing the Tax Compliance Toolkit Training Academy
April 18, 2023We 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...Read more
Argentina becomes latest jurisdiction to sign an IGA with the USA
December 22, 2022The latest FATCA news is that Argentina has signed a Model 1A IGA with the US. We consider what this means for Argentine financial institutions.Read more
The New QI Agreement 2023: What it means for you (Webinar Recording)
December 13, 2022A new QI Agreement is due to be released in January 2023, including new obligations for qualified intermediaries that allow their clients to own interests in publicly traded partnerships. We hosted a webinar on 8th December for financial institutions in Taiwan and Hong Kong to explain the implications of these proposed changes. Watch the recording now...Read more
Saudi Arabia KYC Rule Approval: What it means for you (Webinar Recording)
November 30, 2022Saudi Arabia’s KYC rules were approved by the IRS earlier this year, which means that all Saudi Arabian financial institutions are now eligible to apply for QI status. We hosted a webinar on 30th November for financial institutions in Saudi Arabia to explain the benefits of becoming a QI. Watch the recording now...Read more
