Sector: Financial Services

Service: Advisory services for the implementation of trans-national tax regulations, FATCA

Location: Canada

The Engagement:

FATCA is a controversial trans-national tax regulation introduced by the US tax regime.  The challenge is to implement technology that would support the data requirements to effectively monitor and report on regulatory requirements across multiple lines of business.  The key challenge was to effectively coordinate compliance data gathering across multi-national locations.

The Approach: 

• The advisory engagement was in two areas of the bank, Securities Operations and Wealth Management.
• Present the client with options for compliance solutions. Solutions were to address data and its many sources as well as business processes.
• Advise on and make recommendations on a solution approach that addresses the broader regulatory compliance requirements as they evolve further.
• Advise on and provide recommendations for onboarding requirements, data segregation, data structure, reporting requirements and change management.
• Help client to understand the follow-on regulations (CRS)  that would leverage the current effort with technology and processes.
• Provide client with the option to implement a regulatory platform to create consistency.

Outcomes: 

• The client accepted recommendations and proceeded with the supporting technology implementation.
• The recommendations allowed the client to leverage the technology to support the follow on CRS regulations.