Articles

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

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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.

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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…

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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…

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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…

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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.

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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...

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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?

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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.

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  • 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

  • Why W8? – Start re-papering over the cracks now!

    QIs and NQIs face a rare opportunity to dramatically increase their W-8 compliance rate by re-papering all existing clients using the IRS' new W-8 forms. Find out how such a project could benefit your firm and why it could be worth it in the long run.Read more