Regulatory & Compliance
AEOI - FATCA & CRS
Global tax information reporting initiatives, including FATCA and CRS created a complex additional compliance burden, but clients can rely on our dedicated solutions to meet all related regulatory requirements.
The Automatic Exchange of Information (AEOI), which comprises due diligence and reporting regimes such as the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) introduces an information standard for the automatic exchange of financial information to combat tax evasion. While this is a significant step toward a globally coordinated approach, it does introduce added complexity and an increased compliance burden. The Maples Group is uniquely positioned to provide legal advice and administrative solutions to clients on all aspects of the AEOI, providing constructive and insightful advice and offering flexible and cost effective solutions to ensure clients meet the necessary requirements. Our services include:
- Advising on the laws of the British Virgin Islands, the Cayman Islands, Ireland, Jersey and Luxembourg or assisting in relation to the potential application of FATCA and CRS, including entity classification, local and foreign tax authority registration and notification requirements, availability of reporting exemptions, self certification and due diligence requirements;
- Drafting or reviewing language for incorporation into offering materials, constitutional and other documents, where relevant;
- Drafting or reviewing self certification forms, sponsored entity agreements and delegation agreements;
- Drafting or reviewing policies and procedures;
- Registering a client with the IRS and obtaining a Global Intermediary Identification Number (GIIN), and/or registration, notification and liaison with local authorities, as applicable;
- Classification, validation and remediation of pre-existing accounts;
- Onboarding new accounts to ensure required data is captured, and obtaining forms and due diligence documentation for validation up front to facilitate compliance;
- Preparation and filing of reports that are compliant with applicable legal requirements; and
- Sponsoring entity services - taking responsibility for FATCA compliance on behalf of the client, including performing all initial and ongoing due diligence to identify any reportable accounts, GIIN registration and reporting where applicable.
For more information, visit our AEOI and FATCA microsite.
Related Contacts
KNOWLEDGE
- Black Swan Flies Again – New BVI Legislation Confirms Availability of Free-Standing Interim Relief 08 February 2021
- Cayman Islands Update: Virtual Asset Service Provider Regime 27 January 2021
- The Regulatory 15/15: January 2021 15 January 2021
- EU Regulator Warning on Post Brexit Financial Services EU Access 14 January 2021
- Cayman Islands Update: Additional Updates on AEOI and the DITC Portal 05 November 2020
NEWS & DEALS
- Maples Group Continues Jersey Office Expansion with Additions to Fiduciary Services Team 27 January 2021
- Maples Group Strengthens Financial Services Regulatory Practice with New Partner Hire 13 January 2021
- COVID-19 What is Maples Group doing 20 March 2020
- The Maples Group Celebrates 2000 Employee Milestone 14 November 2019
- Maples Group Expands Leading Regulatory Expertise 26 September 2019