The U.S. race for president is becoming an odd mix of entertainment and a train wreck that you can’t stop watching. Yet, while everyone’s emotions are being run ragged, there are some issues related to securities operations that quickly got lost in the horrible hoopla. The first securities Ops issue that I thought would be… Read More >>
Q&A: Did Your Firm Miss a FATCA Deadline?
(Editor’s Note: The controversial Foreign Account Tax Compliance Act (FATCA), which extends the reach of the Internal Revenue Service (IRS) overseas so that it can collect tax revenues from U.S. citizens abroad, has caused major operational, IT management, and reporting woes for financial services firms around the globe. While Republican and Democrat groups have been… Read More >>
Some Pointers on Surviving the Brexit Bombshell
The non-binding referendum by which the citizens of the United Kingdom voted to leave the European Union (“Brexit”) is by now universally recognized as one of the greatest blunders of all time. This monumentally stupid decision is creating utter confusion, and exposing lies, political incompetence and social and political rifts in the U.K. that are… Read More >>
A Wish List for the Presidential Debates
Now that the smoke is clearing from the U.S. presidential primary battles and we have two clear winners, let me offer a few suggestions to the presumptive nominees Donald Trump for the Republicans and Hillary Clinton for the Democrats. (Bernie, please exit while you still have your dignity.) This is a wish list of Wall… Read More >>
Schroders Luxembourg to Use KYC Hub
Asset manager Schroder Investment Management (Luxembourg) S.A (SIM) is using a centralized service that stores legal entity level information, documentation and ownership information that are key components for several operations that require accurate know your customer (KYC) client documentation and related data. Founded in August 1991, SIM, aka Schroders Luxembourg, provides central support to Schroders’… Read More >>
Obama Administration Adopts KYC Rule to Combat Money Laundering
The Obama administration via the U.S. Department of the Treasury is taking steps to further combat tax evasion and money laundering, and announced that the Customer Due Diligence (CDD) Final Rule will be taking effect and will impose new know your customer (KYC) requirements upon financial services firms. The new impetus for this rule to… Read More >>
New Markit Service Targets the Demands of CRS
Markit is launching a due diligence solution intended to help financial services firms meet a forthcoming standard for the automated exchange of financial account information, particularly as it relates to know your customer (KYC) requirements. Created with help from officials at Barclays and Brown Brothers Harriman (BBH), the new offering is Markit│CTI Tax Solutions for… Read More >>
Asia-Pacific Firms Resist FATCA Compliance
Financial institutions across Asia Pacific are trailing behind their Western counterparts in preparations for evolving global tax reporting regulations due to cultural and regulatory issues, according to a new report by compliance software specialist Wolters Kluwer Financial Services and the GRC Institute (GRCI), the association for Asia-Pacific governance, risk management and compliance professionals. Canvassing 40… Read More >>
Taking Stock of the Year in Ops
As 2015 winds down, FTF News will be taking a look back over a year that had many surprises – maybe more than the predicted trends. We will be having a daily news flow this week, including news for Christmas Eve. We will be taking off on Christmas and New Year’s Day, but will have… Read More >>
FATCA System Upgraded to Brighten the Holidays
Perhaps as a present for banks at this festive time of year, the Internal Revenue Service (IRS), a beacon of warmth, generosity and clarity, wants everyone to know that it has upgraded the Foreign Account Tax Compliance Act (FATCA) Online Registration System. With the update complete on November 16, the system offers the following improvements:… Read More >>
