Articles
Gain deeper insight with articles that give our considered opinion and predictions of where the industry will go next.
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…
FATCA and CRS Curing Periods
Our affiliate, Marco Zawar, asks if FATCA and CRS document curing and classification requests to verify Change in Circumstances are being correctly implemented.
Deferral of FATCA and CRS Reporting Deadlines – Should You Be Taking Advantage?
With the entrance of Covid-19, a lot of things have changed in the world, and a lot of extra stressors have piled on. And it's left firms wondering, should they take advantage of the defered FATCA and CRS reporting deadlines?
Nationality, domicile, residency, citizenship and beneficial ownership
We often find that linguistic issues can cause problems for firms looking to establish the correct withholding rate for their clients. In particular, we have seen the distinctions between nationality, citizenship, domicile, residency and beneficial ownership cause a degree of avoidable consternation. In this post, we present a quick reference guide.
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...
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...
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.
Remember your New Reporting Obligations Under AEoI / CRS
You're just getting over the initial FATCA and QI reporting, submitted all of your 1042-S forms, and now you're looking ahead to September and the deadline for all those 1042 forms. However, you may need to report under AEoI/CRS at the same time. Are you planning ahead to avoid this headache?
US Reporting Tax – How Does It All Work?
March 28, 2024As we get to the end of March, most of you will probably be fussing over your reporting obligations and […]Read more
The W-8 Web – Perils OF W-8 Validation
March 15, 2024The US tax system is one of the biggest in the world, which of course means that changes will have […]Read more
There Might Be A Problem With Your TCC – And You Need To Act Now
March 12, 2024Now that we’ve all relaxed after the IRS notification that electronic filings of US tax returns (Form 1042) have been […]Read more
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
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