TRACE: The next big tax thing

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.

FATCA Failures: Holistic compliance or just full of holes?

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.

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

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.

Some Basic Responsibilities for a Responsible Officer

Some Basic Responsibilities for a Responsible Officer

Being a QI and Responsible Officer is not just about signing a bit of paper and filing this away….it is an on-going and ever developing regime. The ever-developing nature of the IRC Chapter 3 (QI regime), FATCA and now CRS & AEoI (informally know as GATCA)...