EVENT: Corporate Members Briefing: Dealing with FATCA and CRS

Date: 6th March, 2015 Time: 12:30 pm - 02:00 pm
Corporate Members Briefing: Dealing with FATCA and CRS

The ABA's second Corporate Members' Briefing of 2015 was held at the Association's offices on Friday 6 March. 

Experts from Allen & Overy, E&Y and AxiomSL briefed ABA corporate members on how to ensure that their operations are able to efficiently comply with the requirements of the U.S. Foreign Account Tax Compliance Act (FATCA) and what they should be doing to be ready for the Common Reporting Standard (CRS).

Although the details of FATCA have been known for some time, many banks still face challenges related to some detailed aspects of implementation, such as the treatment of derivatives and issues of data protection. Furthermore, even if the provisions of the Act are known, ensuring that a bank's legal department has systems in place to identify FATCA-related anomalies in customer accounts often remains difficult.

The CRS plan -- whereby 50 countries intend to automatically exchange a common set of data about offshore account holders -- is similar in many respects to FATCA, although, most obviously, it entails reporting on individuals of many nationalities, not only Americans, and it will require reporting on all eligible accounts regardless of the size of the balance in the account.

The experts showed how banks can develop FATCA reporting systems that are scalable to be usable for CRS. However, they pointed out the unavoidable challenges that will arise when, as expected, CRS's common reporting schema is ammended by individual countries to accomodate their national reporitng preferences.

Briefing the ABA corporate members were:

Charles Yorke, a Tax Partner at Allen & Overy, who leads his firms Intergovernmental Agreement (IGA) FATCA team, comprising experts across Europe and Asia.

James Guthrie, Associate Tax Partner at E&Y, who is a member of the UK Government's expert working panel for IGA and CRS development.

Tony Sarkis, Director of Policy and Strategy for the Middle East and Africa at AxiomSL, who advises clients on regulatory and compliance issues, including trade capture, risk management, operations finance and accounting policy.

The Corporate Members' briefing was held in the form of a lunch, enabling experts and participants to interact freely and informally. Some photographs from the event are posted below.





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