- Regulatory Compliance
We assist international businesses to comply with an increasingly complex international regulatory environment, whether meeting the requirements of cross-border initiatives such as the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), or new local beneficial ownership reporting regimes.
Chambers & Partners High Net Worth Guide, 2023
Chambers & Partners High Net Worth Guide, 2022
Chambers & Partners High Net Worth Guide, 2020
Our Regulatory Compliance & Reporting Services
The principal obligations under FATCA and CRS are that entities need to be classified and be able to demonstrate evidence of that classification; entities need to validate their account holders and report on their them; and that entities defined under FATCA as Foreign Financial Institutions (FFIs) are required either to register directly with the U.S. IRS and obtain a GIIN, or be sponsored by a registered Sponsor that has obtained a sponsorship GIIN from the IRS.
Additionally, numerous jurisdictions worldwide have introduced sophisticated beneficial ownership reporting requirements, with this number continuing to grow.
Our dedicated FATCA and CRS team is able to specify the information required in order to conduct classification, classify entities under both regimes and execute the relevant self-certification documentation.
We are able to sponsor client FFI entities to which we provide fiduciary services, in order to ensure that they are compliant with FATCA.
We can conduct identification of Account Holders and ensure that each is compliant with FATCA and/or CRS rules, advising which of the Account Holders represent U.S. Reportable Accounts and/or CRS Reportable Accounts and, where relevant, advising of the reporting dates for those accounts. We also ensure compliance with reporting protocols under FATCA and/or CRS, including submission of relevant IRS forms and reporting schema compliant with local competent authority requirements.
We ensure that in the jurisdictions in which we operate, the required beneficial ownership filings are made accurately and on time for our client entities. Our services also include standalone filings on the UK’s Register of Overseas Entities, which requires beneficial ownership verification checks must be carried out by a UK-based business supervised under the Money Laundering Regulations. We are able to assist with all aspects of this process.
Please contact any of our team to discuss how we can help you.