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Compliance with FATCA-CRS regulations – How it helps Financial Institutions in tracking/monitoring account holders tax-resident in FATF Black & Grey listed countries?

The Financial Action Task Force (FATF), to protect the international financial system from Money Laundering and Financing of Terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT (Anti Money Laundering/Combating Financing of Terrorism) standards, identifies jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system. There are around 50 jurisdictions with weak measures to combat money laundering and terrorist financing. Account…

Top 4 Challenges in FATCA-CRS Compliance in India

While Reporting Financial Institutions in India are gearing up to identify reportable account holders, complete due diligence & data remediation, they are encountering the following challenges: 1. Individual Reportable Account Holders: While there is a threshold for FATCA reportable individual account holders (USD 50000), there is no such threshold for CRS reportable account holders. This has ballooned the number of reportable account holder’s manifold, resulting in avoidable pressure on RFIs to complete documentation/self_certifcation, remediation and…

FATCA Regulations – All about blocking of non-compliant account holders

In a meeting held on 5th June 2017, CBDT (Nodal Authority) gave a final deadline and finer definitions on what is to be blocked, when it will be fully effective and all; let us examine what really is the ground level situation in case of account holders on-boarded under the Alternate Procedure. 2. What is the significance of Alternate Procedure? Accounts opened under the Alternate Procedure: Actually such cases refer to account holders (and not…