FATCA Event Draws In Leading Professionals
Nova and Oyster Consulting’s first collaborative briefing on Wednesday [Oct 30] drew in leading Bermuda professionals from many industry sectors, including Fund Administration, Insurance, Trusts and Investment Management.
The briefing, which covered global and local regulatory updates affecting shareholder management, customer due diligence requirements and FATCA reporting, also featured a short demo of Nova’s Quantum Shareholder Registry Solution software, the only product on the market that is integrated with the Bermuda Stock Exchange.
When questioned about the main challenge when dealing with customer due diligence, Bermuda’s professionals listed the lack of clarity and knowledge concerning regulations at the top.
Speakers Alison Morrison, Managing Director of Oyster Consulting Bermuda and Sandra DeSilva, Managing Director of Nova Ltd:
“We were delighted with the healthy turnout for the event and the feedback received.” said Sandra DeSilva, Managing Director at Nova.
“Everyone is eager for regulatory updates, and although the exceptions have not yet been published and items are still to be clarified, what is clear is that it’s still in the companies’ best interest to register with the IRS.
“Going forward it will be important for businesses to mobilise business analysts to start thinking about how to collate documents and produce reports so the process is easier year after year.”
Alison Morrison, Managing Director at Oyster Consulting Bermuda added “Keeping on top of regulatory updates both locally and globally is challenging for all Compliance Officers so I was delighted to have an opportunity to talk about some key updates that will impact financial institutions in Bermuda.
“However, FATCA remains a top priority for many of the professionals who joined us at our breakfast briefing. It is clear that financial institutions are looking for specific guidance on how the FATCA regulations will impact their business and their clients.
“The deadline for registration is fast approaching and financial institutions need to ensure they are prepared for this initial step in the process.”
Has the public been properly informed that they will be accused of being American tax cheats unless they can prove that they are not “US persons”?
A Shifting World
FATCA must be looked at in context
“we are witnessing the birth of a new international regime in which financial institutions act as tax intermediaries with respect to offshore accounts.”
Grinberg, Itai, P.4 “Beyond FATCA: An Evolutionary Moment for the International Tax System.” Georgetown University Law Center.
FATCA will be more messy than Obamacare and it will open up banks account of US person to IRS and also foreign government in its final full blown form.