Amicorp’s FATCA and Common Reporting Standards Outsourcing Services

amicorp’s FATCA and Outsourcing

KYC Compliance

To prevent identity theft, fraud, money laundering and terrorist financing, Know Your Customer (KYC) polices are increasingly important globally. Today’s business environment is without margin for error, with heavy emphasis on maintaining ethical standards and meeting requirements outlined by regulatory institutions.

Amicorp Compliance Services offers an integrated solution that enables firms to be compliant with KYC regulations and manage the associated non-compliance risks. We reduce your compliance burden by providing background checks on individuals and legal entities, as well as document management systems.

We improve your level of risk management, for small, medium and large businesses in various sectors. You will benefit immediately from:

  • A complete and efficient identity verification system;
  • Self-sustaining electronic document management;
  • A comprehensive risk management system; and
  • An experienced compliance department.

FATCA / CRS Compliance

You or your client may hold one or more entities with investment accounts, which under FATCA or IGAs may have to be classified as a Foreign Financial Institution (FFI). Registration of FFI’s becomes an important component in complying with the existing FATCA provisions.

This impacts not only mutual funds and trusts with corporate trustees, but also many offshore Private Investment Companies with a discretionary mandate granted to investment managers, which are to be classified as FFI-Investment Entities. Amicorp Outsourcing Services offers the following services:

  • Determine the initial classification of an entity as an FFI or NFFE under the FATCA regulations or IGAs;
  • Register the entity classified as FFI with the IRS and obtain a Global Intermediary Identification Number (GIIN);
  • Prepare the relevant “W8” Forms or self-certificates to establish the FATCA status of the entity to the banking institutions.

For entities that are identified as NFFEs, we prepare the necessary certification documentation required by the banking institutions and withholding agents, including the due diligence of substantial US owners or controlling US persons as connected to the entity.

The Common Reporting Standards (CRS) has been promoted by the OECD as a global framework for the automatic exchange of tax information. Amicorp continues to maintain close monitoring of all new regulations. We are well positioned to help you meet all the reporting requirements. CRS will impose due diligence and reporting obligations on financial institutions similar to FATCA, but now it comes to bank accounts owned by residents of any CRS Participating Jurisdiction. Financial institutions will even be required to look through certain investment entities established in non-CRS jurisdictions in order to identify and report on the relevant controlling persons who are resident of CRS Participating Jurisdictions.

Information on investment income and balances of bank accounts will be reported by the financial institutions to the local tax authorities, which will automatically exchange such information to the applicable tax authorities of other CRS Participating Jurisdictions that will use the same information to check the income declared by the individual taxpayers in their local tax returns.

Most of the Amicorp Outsourcing Services are rendered out of (ISO certified) offices in The Philippines, India and Mauritius. Client relationship managers are within reach in all the Amicorp offices and most offices have staff available to coordinate or even to execute a part of the work.

Contracts can be labor or seat based, transaction based or even goal based. Unlike other service providers, Amicorp is able to offer tailored and personalized high quality services for clients looking at a limited number of people involved (5 to 50 seats on average).

Our clients benefit from around the clock services at a fraction of their current operating costs (savings of 50% can be achieved). The return-to-focus concept provides a dramatic bottom line impact that can help positively transform the economies of any business (including small and medium enterprises) and increase the efficiency of transaction execution.

Amicorp Outsourcing Services ensures value by enhanced process management, high standard service levels and substantial cost savings!


Hedde Plas

For further information, please contact:

Hedde Plas

h.plas@amicorp.com
+31 20 578 8373