Achieve regulatory compliance in a complex landscape
One of the biggest issues facing financial institutions is how to maintain compliance with the ever growing number of regulations coming into force in the industry.
Some of these regulations are simple, while others are much more complex and require in depth analysis to understand and implement.
If you don’t have extensive knowledge in house of any given regulation, a great deal of time, effort and resource can be expended attempting to reach compliance.
At TConsult we can take you through the compliance process from beginning to end in plain English, delivering practical opinion based on an extensive knowledge of the relevant regulations and the way the industry operates.
Our subject matter experts will work on an ad hoc or retainer basis to help you achieve compliance across the following regulatory frameworks:
How We Can Help
Our custom white papers present a broad level summary of the key issues affecting your business and can be used to give the board within your institution a high-level view of these issues.
Ad Hoc Support
If you need occasional help with an operational or policy decision, or additional expertise to assist with a one-off project, get in touch for a quote for ad hoc support.
Many clients find that the gaps in their knowledge are extensive, and need support in developing and operationalising compliance programme. We can become your ‘expert on call’, delivering monthly value with a retained services agreement.
We can provide training for staff at all levels to complement your compliance action plan, including follow up elearning modules for those in process-heavy roles to help you maintain standards.
TConsult does not offer or provide tax, investment or legal advice.
IRC Chapter 3: Qualified Intermediary (QI) and Non-Qualified Intermediary (NQI) Regulations
IRC Chapter 3 affects any financial institution with clients that receive US-sourced income, whether you enter into an agreement with the IRS to become a Qualified Intermediary (QI) or not (and remain a NQI).
We can support you through all stages of the QI process, including preparing your application, developing your compliance manual, training your staff and carrying out regular health checks. We can also conduct formal periodic reviews and support your responsible officer through the certification process.
If your institution remains as an NQI, we can help you to ensure that your operating model is compliant and that you have robust procedures in place to meet your obligations as an intermediary in the payment chain.
IRC Chapter 4: Foreign Account Tax Compliance Act (FATCA)
The IRC Chapter 4 regulations (also known as FATCA) are intended to identify and report overseas Americans. The FATCA rules impact a huge number of financial institutions around the globe, who must identify and report American account holders alongside details of her assets in order to be compliant.
At TConsult, our experts can help you to understand the issues associated with FATCA regulations and support you in becoming compliant at a granular level.
Common Reporting Standards (CRS) and Automatic Exchange of Information (AEoI)
CRS (Common Reporting Standards) and AEoI (Automatic Exchange of Information) are based on the American FATCA regulations. But while IRC Chapter 4 (FATCA) is designed to help the American government identify Americans hiding their assets abroad, CRS/AEoI applies to a broader market.
Understanding and complying with CRS/AEoI legislation can be complex, and it can be tempting to rely on your FATCA procedures, without considering the differences between the two regulatory frameworks.
TConsult offers bespoke, experience-based consultancy services to really understand your business and how CRS/AEoI legislation will affect you.
Global Account Tax Compliance Acts (GATCA)
GATCA (Global Account Tax Compliance Acts) covers a myriad of areas of tax regulation and compliance issues. As an all-encompassing term, GATCA is an amalgamation of the US FATCA regulation and the OECD CRS/AEoI.
At TConsult we offer consultancy to address GATCA issues for firms who are affected by multiple legislations, so you can take a holistic and cost effective approach to compliance.
General Data Protection Regulation (GDPR)
The EU’s General Data Protection Regulations (GDPR) came into effect on 25th May 2018 and affect businesses that hold and process data relating to persons inside the EU.
We can help you determine how GDPR will impact on the ways you store, process and share data about your clients to comply with your obligations under QI, FATCA and CRS/AEoI.