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FATCA Implementation
Identify how to implement the requirements of FATCAPreview the first lesson free — get full access to all 23 lessons.
Intermediate Provider : KnowledgeCity 5 chapters · 23 Lessons · 30m in Arabic, English, Spanish
Course Description
The Foreign Account Tax Compliance Act (FATCA), started as a United States law to address financial crime. Specifically, FATCA sought to address offshore tax evasion committed by United States citizens. Since its inception, FATCA has changed and evolved into a global reform for tax compliance. These banking courses examine the general processes and the key challenges of implementing FATCA requirements.
What You'll Learn
- Examine the general processes involved in implementing FATCA requirements
- Identify the key challenges of FATCA implementation, including data protection policies and customer on-boarding
- Compare centralized and decentralized models and internal versus outsourcing action plans
- Apply due diligence, classification, review, reporting, and withholding requirements under FATCA
- Distinguish the objectives of FATCA, KYC, and AML and how existing KYC and AML processes relate
- Evaluate the benefits of business process outsourcing for enterprise-level compliance
Key Takeaways
- FATCA (the Foreign Account Tax Compliance Act) began as a United States law to address financial crime, specifically offshore tax evasion committed by United States citizens.
- Since its inception, FATCA has changed and evolved into a global reform for tax compliance.
- Implementing FATCA involves considerations such as forming an end-goal, addressing challenges, and adapting existing KYC and AML processes.
- FATCA implementation can follow centralized or decentralized models and be handled internally or through business process outsourcing.
- FATCA compliance includes classification, review, reporting, and withholding requirements alongside due diligence and monitoring.
Frequently Asked Questions
What does this FATCA Implementation course cover?
It examines the general processes and the key challenges of implementing FATCA requirements, including implementation considerations, forming an end-goal, data protection policies, customer on-boarding, enterprise-level compliance, and classification, review, reporting, and withholding requirements.
What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) started as a United States law to address financial crime, specifically offshore tax evasion committed by United States citizens, and has since evolved into a global reform for tax compliance.
How does the course relate FATCA to KYC and AML?
It covers the objectives of FATCA, KYC, and AML and how FATCA implementation works with existing KYC and AML processes.
What skills does this course help build?
It supports skills in Bank Compliance, the Foreign Account Tax Compliance Act, the Foreign Corrupt Practices Act, International Regulatory Compliance, Tax Compliance, and Federal Financial Institutions Examination Council (FFIEC) Compliance.
Does the course address outsourcing FATCA compliance?
Yes. It compares internal versus outsourcing action plans, centralized versus decentralized models, and covers business process outsourcing and its benefits.
