Financial Services Ireland

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FATCA, CRS and QI News for Irish Financial Institutions – October 2018

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Enforcement of the Foreign Account Tax Compliance Act (FATCA) is ramping up – as evidenced by news headlines of the first criminal conviction for non-complianceThe former CEO of Loyal Bank Limited in the United States pleaded guilty, for failing to comply with the Act when opening accounts for clients in different jurisdictions.

The case highlights the reputational risks that may impact Financial Institutions (FIs) when it comes to Automatic Exchange of Information (AEoI) regimesTo help you to stay informed about recent developments on the topic, our latest update focuses on the following topics:

  • Further update on the Internal Revenue Service (IRS) FATCA Registration Portal.
  • Extension of IRS Responsible Officer (RO) Certifications for Sponsoring Entities and Trustees of Trustee-Documented Trusts to March 31, 2019.

FATCA update

  • IRS Notice 2018-72: extension of Withholding transition rules and phase-in period for a QDD to apply “good faith efforts” in complying with the 2017 QIA rules.
The United Kingdom (UK) Competent Authority Her Majesty’s Revenue and Customs (HMRC) News
  • Update on the HMRC AEOI Manual to include the possibility of redaction of information on human rights grounds.
  • 2 October EY Webcast: Impact of the new UK Corporate Criminal Offence (CCO) and lessons learned.
Upcoming Events
  • 25 October 2018 – Breakfast Briefing on OECD Model Mandatory Disclosure Rules (MMDR) and CTORS Automation Tools.

Please download the update via the link below and, if you have a question, don’t hesitate to get in touch.

Amanda Murphy

FS Partner, Business Tax Advisory
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