fatca 2014 brochure
DESCRIPTION
The Foreign Account Tax Compliance Act (FATCA) will be taking place on 17-20 November, in Dubai, UAE will help financial institutions successfully implement and comply with FATCA in their organisation by providing implementable insights and tools to effectively review pre-existing accounts, identify US accounts and onboard new entities clients through 4 in-depth workshops, presentations and panels. For more information on this conference visit: http://www.informa-mea.com/fatcaTRANSCRIPT
Insight And Practical Techniques For Complying With FATCA From
Pre Conference Masterclasses – 17 November 2014
Post Conference Masterclasses – 20 November 2014
17 – 20 November 2014 Dusit Thani, Dubai, UAE
an informa event
Adopting a practical and implementable approach to client onboarding, reviewing of entities and reporting for FATCA compliance
Dubai Financial Services Authority • Qatar National Bank • Mashreq Bank • Oman Insurance Company • Coutts • UBS Global Asset Management • Al Dahab Exchange • BNY Mellon • Finance House
SPEAKERS FROM LEADING REGULATORS AND FINANCIAL INSTITUTIONS INCLUDING:
Identifying US Accounts
Client Onboarding
Reviewing Pre-existing Clients
Data Governance & Management
Client Communication
Reporting
www.informa-mea.com/fatca
A Identifying U.S. Accounts through improved onboarding process
C E�ectively reviewing pre-existing clients
B Ensuring precision throughout the collecting and reporting process
D Using existing AML and KYC protocols for e�ective onboarding
MEDIA PARTNERS
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Your Compliance Journey Starts Here. �e Foreign Account Tax Compliance Act (FATCA), came into effect on 1 July 2014. Failure to comply with the new regulations will expose FFIs to a penalty of 30% withholding tax of U.S. source income, gross proceeds of sales of property that could produce U.S. income, and passthru payments.
Are you FATCA ready? FATCA 2014 will help financial institutions to successfully implement and comply with FATCA in their organisation by providing implementable insights and tools for effectively reviewing pre-existing accounts, identifying US accounts, onboarding and reporting to effectively comply with FATCA as per timelines.
From Interpreting to IMPLEMENTING!
Successfully comply with FATCA in the Middle East!
Who should attend?
Chief Compliance Officer
Chief Financial Officer
Chief Operating Officer
Partner
Consultant
Tax Accountant
Banking & Finance Investment Funds
Insurance Companies Law Firms
Accountancies Consultancies
Ratings Agencies IT and Solution Providers
Intermediary Solution Providers Compliance Support Companies
KEY FATCA DEADLINES2014 December 31, 2014
U.S. Withholding Agents, Participating FFIs, and Registered Deemed-Compliant FFIs need to document pre-existing entity accounts identified as FFIs
2015 January 1, 2015 March 15, 2015 March 31, 2015 March 31, 2015 March 31, 2015 June 30, 2015Requirement to
implement new entity account onboarding procedures for U.S.
Withholding Agents, Participating FFIs, and Registered Deemed-
Compliant FFIs
Form 1042-S reporting on withholdable
income payments begins
USWAs begin Form 8966 U.S. Owner
reporting
FFIs begin Form 8966 U.S. Account
information and balance reporting
FFIs begin Form 8966 recalcitrant account
reporting
Participating FFIs must document preexisting
high value individual accounts by June 30,
2015
2016 January 1, 2016 March 15, 2016 March 31, 2016 June 30, 2016 June 30, 2016
Deadline for limited FFIs or limited branches to become
participating FFIs and avoid other participating FFIs within the expanded
affiliated group from losing their participating FFI status
FFI begin temporary Form 1042-S aggregate reporting on payments made to non-
participating FFIs
Form 8966 reporting on U.S. Account income by
participating FFIs begins in addition to account
information and balance
U.S. Withholding Agents, Participating FFIs, and Registered Deemed-Compliant FFIs must
document preexisting entity accounts not identified as
Prima Facie FFIs
Participating FFIs must document all remaining preexisting non-high value individual accounts by June 30, 2016
2017 January 1, 2017 January 1, 2017 March 15, 2017 March 15, 2017
FATCA withholding on gross proceeds payments to non-
participating FFIs and recalcitrant payees begins
Withholding on foreign pass-thru payments begins not before January
1, 2017
Last year for FFI temporary Form 1042-S aggregate reporting on payments made to non-
participating FFIs
Form 8966 reporting on U.S. Account gross proceeds by participating
FFIs begins in addition to account information, balance, and income
2018March 15, 2018
Form 1042-S reporting on gross proceed payments begins
Source: Deloitte
Compliance 35%Tax & Audit 33%Finance & Operations 11%Internal Audit & reporting 9%Fund & Asset Management 7%Business Development 5%
JOB TITLE BREAKDOWN FROM
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Pre Conference Masterclasses
Post Conference Masterclasses
08:30 - 12:30
08:30 - 12:30
Devising implementable and hands- on strategies to effectively review pre-existing clients as per FATCA requirements
13:30 - 17:30
13:30 - 17:30
Using existing Anti Money Laundering (AML) and Know Your Customer (KYC) protocols as tools to enable effective onboarding for FATCA compliance
Exploring practical processes to ensure precision throughout the collecting and reporting process
Monday, 17 November 2014
�ursday, 20 November 2014
FATCA requires identifying customers including individuals and entities who are U.S. taxpayers and hence FFIs will be required to implement due diligence and identification systems as per requirement.
�is masterclass will provide you with hands on tools to effectively review and identify your existing client base, re-document clients and understand the scope of client review effectively.
Overview: üExploring the scope of review client files electronically üDeveloping means for potential paper review and private banking checks üEstablishing the FATCA status of each client and handling change in circumstances üRe-documenting existing clients and collecting W-8BEN-E
Leader: Zoe Hart, Executive Director, Global Asset Management Tax, UBS Global Asset Management, Switzerland
�e Foreign Account Tax Compliance Act (FATCA) requires you to report information on financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest. In order to identify customers who are U.S. taxpayers, FFIs are required to implement due diligence, identification, controls and reporting systems.
But categorising U.S. accounts to enable a successful pre-existing account review has been a challenge. �is masterclass will enable you to effectively explore and implement set procedures for account review, categorise U.S. and non U.S. accounts and identify against the broad definition of U.S. person in your organisation.
Overview: üEffectively identifying the criteria to categorise U.S. and non U.S. accounts üExploring set procedures for efficient pre-existing account analysis operations üDetermining different processes to successfully complete the pre-existing account review and client onboarding üAnalysing the potential risks attached in case of missed accounts üDefinition of a U.S. Person including a Specified U.S. Person under FATCA
Leader: Patrick Wilson, Executive, Director, Head of Operational Tax, Wealth Operations, Coutts, UK
FATCA compliance requires significant changes to customer onboarding and KYC systems, which is likely to delay onboarding and customer service processes. FATCA will further extend this process delays and complications for customers.
�is masterclass enables you to effectively comply with various regulatory requirements, devise implementable strategies for onboarding new entities and use AML and KYC protocols for effective onboarding.
Overview: üSafeguarding your forensic fraud analysis and reporting systems to meet the FATCA standards üKnow Your Customer: Managing increasing controls and costs to prevent identity theft and comply with the various regulatory requirements ü Identification requirements and proper validation of ID when entering new relationships to ensure compliance üDevising strategies for onboarding new entity clients and enhancing onboarding procedures: check lists, account opening forms ü Identifying substantial owners of an entity including Passive NFFE
Leader: Lorraine White, Managing Director, Head of EMEA Securities Tax & US Tax Services, BNY Mellon, UK
FATCA requires FFIs to report information for U.S. accounts. As with withholding, the reporting requirements will be phased in gradually between 2014 and 2017. Only identifying information and account balance or value would be reported in 2014 and 2015. Beginning in 2016, reporting may be required for income and in 2017; it could be expanded to include gross proceeds from the sale of securities. In addition, the proposed regulations provide that the FFI may report information in U.S. dollars or in the currency in which the account is maintained.
Overview: üManaging the application process for registering an FFI üExploring strategies for FFIs to ensure cross jurisdictions complex compliance ü Identifying IRS expectations from reporting FFIs üAscertaining reportable income and transactions in a system: interest, dividends, gross proceeds and identifying reportable accounts: U.S. Persons, Recalcitrant, NPFFI üPopulating XML files and reporting to the competent authority or the IRS üEstablishing the residence status of a client (particularly entities) and reporting on a single client to various jurisdictions: entity clients with BO residing in multiple countries üUnderstanding the implications of a worldwide common model for reporting on financial accounts held by foreign persons, including reciprocal exchange
Leader: Karlheinz Moll, Founder, SPIROCO Consulting, Germany
Developing clear strategies for identifying U.S. Accounts through benchmarking your onboarding process
A B
C D
CONFERENCE DAY ONE
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TUESDAY, 18 NOVEMBER 2014K
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08:30 Registration and refreshments
09:00 Opening remarks from the Chair
FATCA Regulations 09:10 Navigating key FATCA regulations and the latest updates to
prepare your business for timely compliance • Where do we come from? Short wrap-up from the HIRE Act,
Notices, IGA and where the region is right now • Where are we now? FATCA in effect for individual clients,
projects under way, legislation to be provided, uncertainties about reporting
• What´s next? Gearing up for Jan 1 deadline for entities, reporting for 2015 and compliance framework in the region
• Understanding the impact of FATCA on your business practices: Banks, Credit Unions, Funds and Insurance
• Frameworks for compliant client identification: Defining the parameters of the extensive information requirements and knowing the categories of what must be disclosed
Inter-Governmental Agreements 09:50 Effectively understanding FATCA Partnerships: How will the
various IGA jurisdictions in the GCC affect your compliance strategy? • Recognising exemptions under FATCA IGAs and what this
means for Financial Institutions • What is expected to be covered in the UAE’s legislation and
guidance notes? • Understanding the implications of other intergovernmental
agreements on financial institutions with affiliates in other countries
• Implementing practical operational, risk and cost management strategies to seamlessly comply to FATCA compliance across jurisdictions
• Determining the impact that IGAs will have on implementing international FATCA compliance
Serdar Guner, Director, Supervision, Dubai Financial Services Authority, UAE
10:30 Morning refreshments and networking break
FATCA in the Future11:00 Envisioning the future: Understanding current developments to
effectively predict the future impact of FATCA • �e global picture: how is the approach to FATCA differing
across regions? • What more can firms do to ensure cost-efficiency in multi-
jurisdiction operations? • How will FATCA compliance evolve as more countries create
IGAs? • How likely is the IRS to update the regulation after an initial
period? • �e future of FATCA: Will other countries create similar anti-
avoidance initiatives?Saleh Nofal, Group Compliance Officer, Qatar National Bank, QatarKhalid Shaikh, Head of Compliance & Bank MLRO, Mashreq Bank, UAEAli Hussain Ismail, Vice President, Head of Compliance and AML Unit, Oman Insurance Company, UAE
Regional Financial Institutions and Compliance12:20 Meeting FATCA requirements for your organisation: Where do
regional FFIs stand now? • What key challenges do FIs in the region face in ensuring U.S.
Person identification? • Can the FIs do more to present an industry wide response? • Approaching deadlines: What do timelines for compliance
look like now? • How are FFIs tackling the major challenges of FATCA
compliance?Bachir El Nakib, Vice President, Head of Compliance, Operational Risk and AML, Coutts, QatarSachin Rao, Chief Compliance Officer, Al Dahab Exchange, UAE
13:00 Lunch and networking
14:00 A concise update regarding IGAs and FATCA regulations from the IRS • Strategies for effectively reviewing pre-existing clients as
per FATCA regulation • Potential changes existing to KYC and AML procedures • On-boarding of new entity clients starting on Jan 1, 2015 • Self-Certification for W-8IMY, W-8BEN and reporting on
U.S. accounts in 2015 • New Qualified Intermediary Agreement
FATCA Reporting14:40 Ensuring precision throughout the collecting and reporting
process for financial institutions • Managing the application process for registering an FFI • Exploring strategies for FFIs to ensure cross jurisdictions
complex compliance • Identifying IRS expectations from reporting FFIs • Ascertaining and identifying reportable accounts: U.S.
Persons, Recalcitrant, NPFFILorraine White, Managing Director, Head of EMEA Securities Tax & US Tax Services, BNY Mellon, UK
16:00 Afternoon refreshments and networking
Review of Pre-Existing Clients15:20 Exploring implementable strategies to effectively review pre-
existing clients as per FATCA requirements • Exploring the scope of reviewing client files electronically • Developing means for potential paper review and private
banking checks • Establishing the FATCA status of each client and handling
change in circumstances • Re-documenting existing clients and collecting W-8BEN-E
Patrick Wilson, Executive, Director, Head of Operational Tax, Wealth Operations, Coutts, UK
Identifying U.S. Accounts16:30 Devising clear strategies for identifying U.S. Accounts:
Benchmarking Your Onboarding Process • Effectively identifying the criteria to categorise U.S. and non
U.S. accounts • Exploring set procedures for efficient pre-existing account
analysis operations • Analysing the potential risks attached in case of missed
accounts • Definition of a U.S. Person including a Specified U.S. Person
under FATCAKarlheinz Moll, Founder, SPIROCO Consulting, Germany
17:10 Closing remarks from the Chair
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Tel: +971 4 335 2437 | Fax: +971 4 335 2438 | Email: [email protected] | Web: www.iirme.com/procurementme
CONFERENCE DAY TWO
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WEDNESDAY, 19 NOVEMBER 2014IN
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08:30 Registration and refreshments
09:00 Opening remarks from the Chair
On-Boarding New Client09:10 Onboarding FATCA compliance measures using your existing
Anti Money Laundering (AML) and Know Your Customer (KYC) protocols • Safeguarding your forensic fraud analysis and reporting
systems to meet the FATCA standards • Know Your Customer: Managing increasing controls and
costs to prevent identity theft and comply with the various regulatory requirements
• Devising strategies for on-boarding new entity clients and enhancing on-boarding procedures: Check lists, account opening forms
Zoe Hart, Executive Director, Global Asset Management Tax, UBS Global Asset Management, Switzerland
Cost-efficient Implementation09:50 Devising strategies to successfully implement a cost-efficient
FATCA programme in your organisation • Exploring means to ensure cost-efficiency during FATCA
implementation for FFIs • Understanding to what extent existing systems can be
adapted to enable FATCA compliance • Ensuring non-duplication of internal processes during
implementation • Understanding how FFIs can prepare for increased data
sharing requirements and also develop a system for the future
10:30 Morning refreshments and break
Effective Client Communication11:00 Setting up a robust client communication network to develop
client friendly FATCA compliance and minimise customer inconvenience • Developing a FATCA customer relations strategy through an
efficient customer contact • What to include in your initiatives: Documents, language,
timing and frequency • How to enable you frontliners to effectively communicate
and manage client requirements • A targeted approach: Using existing data to identify likely
US citizens and updating the on-boarding process to ensure unobtrusive compliance
• What more can be done to improve the customer experience of FATCA?
Shagufta Farid, Head of Internal Audit & Compliance, Finance House PJSC, UAE
Data Governance And Management11:40 Exploring implementable strategies for data governance and
management to ensure superior account due diligence • Determining concrete steps for FATCA Compliance: Steps
involved in conducting a FATCA compliance data assessment for your obligations
• Understanding the importance of self-assessment: When should you launch and who should be on the team?
• Criteria for establishing a dedicated responsible officer/FATCA leader role
• Devising strategy to successfully manage a FATCA implementation project: Pre-requisites, key pointers, balancing systems and operation timelines and coordinating with your IT group
• Do you build, buy, or outsource?
Technology for FATCA Compliance12:20 Exploring the latest software, tools, and technologies and
outsourcing options to identify the most suitable setup for your organisation • Analysing leading technology and tools available for
streamlining your account opening procedures: What is available and how do you choose your best option?
• Exploring methods available to monitor citizens who might be subjected to FATCA
• Devising plans for managing cloud based platforms to overcome the risks of storing data in foreign based data providers
13:00 Lunch and networking
FATCA for Global Organisations14:00 Determining the effect of FATCA on the global organisation
to effectively understand the implementation under multiple agreements • Understanding the final regulations and IGAs: Is there
further need for clarity? • Have enough IGAs been confirmed to enable coordinated
implementation? • How robust are definitions of customer classifications:
Should we expect more change? • Interpreting FATCA for funds: How will the industry be
affected?
FATCA for Smaller Financial Institutions14:40 How can Small Financial Institutions and Credit Unions manage
more with less? • Managing the impact on smaller banks: What are your
options in the reality of insufficient funds or staff to comply? • Exploring the use of efficient technology and data to help
streamline account opening and other primary procedures • Strategies to effectively address and minimise fear,
uncertainty and doubt concerns from your impacted customer base
FATCA for the Insurance Industry15:20 Is the insurance industry ready? Insight into how the Insurance
Industry is preparing for FATCA: Strategies, challenges and the way forward • Understanding the compliance concerns of life insurers and
their future predictions • Understanding the role and assistance of the Insurance
Authority in paving the way for effective compliance for insurers
• Learning from industry leaders: How have the leading insurers been preparing, and what can you adopt in your own organisation?
Ali Hussain Ismail, Vice President, Head of Compliance and AML Unit, Oman Insurance Company, UAE
16:00 Closing remarks from the Chair
16:10 End of conference
How can you get involved and what is in it for you? ü Chair the summit to increase your visibility
ü Host closed door by-invitation-only meetings with VIP speakers and guests
ü Present specific content-driven sessions with professionals and regulators
ü Host panel sessions, presentations and round table discussions
ü Lead in-depth workshops to solve critical problems and become the preferred thought leader
ü Host evening reception to meet and interact with your target market
ü Launch reports and tailored research to position yourself as a market intelligence and strategy consultant
For sponsorship and exhibition enquiries, please contact Arshed Hussain on +971 4 407 2715 or [email protected]
SPONSORSHIP & EXHIBITION OPPORTUNITIES
Are you a FATCA consultant, technology provider or advisor to the regional financial industry?Position yourself as an expert to this influential audience and help companies implement FATCA efficiently.
REGISTER TODAYGo to www.informa-mea.com/fatcaCall +971 4 335 2437Email [email protected]
For terms and conditions please visit www.informa-mea.com/terms-and-conditions-for-delegates
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Book by 25 September
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Final Price
Conference & 4 Masterclasses $4,199 $4,399 $4,599
Conference & 3 Masterclasses $3,699 $3, 899 $4,099
Conference & 2 Masterclasses $3,199 $3,399 $3,599
Conference & 1 Masterclasses $2,699 $2,899 $3,099
Conference Only $2,099 $2,299 $2,499
Masterclass Only $799 $899 $999
17 November 18 – 19 November 20 November
Masterclass A Masterclass B Conference Masterclass C Masterclass D
Tel: +971 4 335 2437 | Fax: +971 4 335 2438 | Email: [email protected] | Web: www.informa-mea.com/fatca
17 – 20 November 2014 Dusit Thani, Dubai, UAE