Purpose of the Guidance Notes High level interpretation of the - PowerPoint PPT Presentation

Sep 27, 2023 •118 likes •232 views

Purpose of the Guidance Notes High level interpretation of the Inter-governmental Agreement (IGA) between The Bahamas and The United States. Assist Bahamas Financial Institutions to better understand the requirements of FATCA industry.

Purpose of the Guidance Notes ► High level interpretation of the Inter-governmental Agreement (IGA) between The Bahamas and The United States. ► Assist Bahamas Financial Institutions to better understand the requirements of FATCA industry. ► The Guidance Notes are there to convey principles that can be applied to various situations and circumstances.
The Guidance Notes: Are not designed to provide answers to all situations Are not regulations or legislation Are NOT legal advice
Future Changes to the Reporting Landscape ► The Guidance Notes may be amended from time to time to add further guidance as needed for the following reasons: ► To address particular issues in reporting and the industry ► If changes are made to existing regulation ► If necessary to improve compliance ► Common Reporting Standards (CRS) Implementation
Overview of the Guidance Notes ► Total pages: 130+ ► Discusses US IGA and US FATCA Regulations in detail ► Consistent with other IGA countries as applicable ► Highlights key definitions, industries, particular entities, and procedures
Assist Entities in Answering the Following Questions ► Am I a Financial Institution? ► Do I maintain Financial Accounts? ► Do I need to Register with the IRS and if so, by when and how? ► Do I need to report any information and if so, what information, when, and how? ► I maintain a Financial Account for an NFFE. What are my obligations?
Key Areas Defined ► Background ► IGA, Interaction with US FATCA Regulations, Bahamas Competent Authority ► Financial Institutions ► Custodial Institutions ► Depository Institutions ► Investment Entities ► Non-Reporting Financial Institutions ► Registered Deemed Compliant ► Certified Deemed Compliant
Industry/Entity Discussion ► Trusts ► Insurance Companies (Captives) ► Asset Management Companies ► Specific Vehicles ► Securitization and structured finance, capital raising subsidiaries, etc.
Procedural Discussion Registration Due Diligence Requirements Reporting Obligations Compliance
Closing Points Next Steps

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