Articles

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

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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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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?

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TRACE: The next big tax thing

Since Finland announced that it would be the first country to adopt the OECD’s The Tax Relief and Compliance Enhancement (TRACE) IP from 1st January 2021, there has been much excitement in the marketplace about the new regime and the opportunity it presents for financial institutions operating in global markets.

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  • QI Status – Is It Worth It?

    To QI, or not to QI? That is the question – and one we get asked about an awful lot. […]Read more

  • 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?Read more

  • TRACE: The next big tax thing

    Since Finland announced that it would be the first country to adopt the OECD’s The Tax Relief and Compliance Enhancement (TRACE) IP from 1st January 2021, there has been much excitement in the marketplace about the new regime and the opportunity it presents for financial institutions operating in global markets.Read more

  • Benefits of Being a US Qualified Intermediary: Malta Stock Exchange

    TConsult is delighted to announce that we have been invited to present a training course for the Malta Stock Exchange, where we will be delivering a two hour presentation discussing the benefits of being a US qualified intermediary at 9am on Monday 21st January 2019.Read more

  • 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.Read more

  • CorpActions2018 (London)

    TConsult's chairman, Ross McGill, will be appearing as a panelist at CorpActions2018 in London on Wednesday 3rd October alongside Mariano Giralt from BNY Mellon and Paola Deantoni from SG Securities Services to discuss tax and reporting, including inefficient withholding tax collection procedures, communication flow issues across cross-border capital markets, tax evasion regulation, where the responsibility for failures lies, and entitlements.Read more

  • 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