Foreign Account Tax Compliance Act

Course details

This course is essential for professionals looking to understand the principles of the Foreign Account Tax Compliance Act (FATCA) and learn exactly what is required to achieve compliance in a well-managed, timely and cost efficient manner. There is a large number of financial institutions and their staff who do not know what the meaning of the word “FATCA”, others who believe that all financial institutions are subject to the Act and others believe that all banking financial institutions are subject to the Act.

The fact is that U.S. FATCA Law will be applied to some financial institutions, but not all, including banks, although there are exceptions for certain types of banks, according to the details of the Act. There are also many who believe that it is obvious that any law or act passed in any country in the world will be applied to those who live within this country and they just do not imagine that that law may be reaching beyond the jurisdiction of that country and become mandatory for other countries in the world. However, this logic though self-evident, but it is not true with respect to the U.S. FATCA Law, as this act has been issued specifically to be applied in all countries except the United States!.

There are also those who believe that the U.S. FATCA Law would apply to all U.S. citizens living within the United States only, but this is not true and will be applied to all U.S. citizens and some foreigners, whether residing within the United States or abroad.

Many believed that a U.S. citizen can be recognized easily through nationality / citizenship information only, but this is not true with regards to the FATCA definition of the U.S. person. Of course, there are very few who believe that the person who is born outside of the United States of America can become a U.S. citizen although he was not lived in the U.S. at all or have never been registered with any embassy of the United States of America in any country in the world, and that if any of his/her parent(s) / grandparents(s) hold(s) U.S. citizenship subject to certain other conditions.

The above examples represent just very few examples of the FATCA challenges and requirements related to the identification of persons subject to the U.S. taxes under the FATCA Law, and these rules are not mentioned U.S. FATCA Law, but are mentioned in different parts of the U.S. Tax Laws

Who should attend? 

• Central Bank Officials
• Tax Officers 
• FATCA Responsible Officers 
• Chief Compliance Officers 
• Compliance Officers 
• Money Laundering Reporting Officers 
• AML/CTF Officers 
• Branches Compliance Officers 
• Heads of Financial Crimes
• Heads of Business Unites 
• Internal Auditors 
• External Auditors

Learning Objectives: 

• Learning the FATCA implications 
• Awareness about the FATCA Requirements 
• Learning how to build an effective FATCA compliance program Knowing how to build a sound Customer onboarding process 
• Ensuring compliance with the FATCA regulations 
• Getting equipped to fight Tax evasion