Fatca policy manual

FATCA Reporting Compliance Policy 1. Legal Framework Cypriot Financial Institutions are required to comply with FATCA. The objective of FATCA is to implement mechanisms designed to prevent the avoidance of taxation on income derived by US persons outside the US. The definition of US persons is broad and includes. cedures, and manual systems, a plan is put into place for the development of the systems and procedures required for FATCA compli-ance. This plan takes into account the re-quired FATCA deadlines for activating each component of the systems and procedures. — Compliance with U.S. law (U.S. FATCA tax exper-tise). The systems and procedures to be put. FATCA requires certification of compliance by a “Responsible Officer” (RO) • FATCA requires that a responsible officer must certify to the IRS regarding the organization’s compliance with FATCA • Should be involved in the development of the company's FATCA compliance policies and .

FATCA Policy Framework US FATCA onward UK-CDOT onward OECD CRS onward Step 1 Step 2 Step 3 Step 4 Compare required FATCA reporting data elements to data stored in disparate client systems Analyze data quality and format for consistency to determine level of effort to prepare for FATCA reporting Recommend a plan to address. FATCA requires certification of compliance by a “Responsible Officer” (RO) • FATCA requires that a responsible officer must certify to the IRS regarding the organization’s compliance with FATCA • Should be involved in the development of the company's FATCA compliance policies and procedures. FATCA. In January , the Foreign Account Tax Compliance Act (“FATCA”) final regulations were issued, which provide an internal control certification requirement for the responsible officer (“RO”). Taking control of FATCA Building effective internal controls and processes to promote compliance and certification.

The entity classification rules under FATCA are complex and determining the Such policies and procedures must provide that if any Financial Account held. Account Tax Compliance Act (“FATCA”), which introduce a reporting regime for financial The following rules and procedures apply for. The Foreign Account Tax Compliance Act (FATCA) was enacted by the US to target non-compliance with US tax laws by US persons using non-US accounts.