Ideas & Insights

UK government provides relief from DAC6, reducing the scope of reporting for UK intermediaries with cross-border transactions.

An updated AICPA guide addresses the unique aspects of the preparation and auditing of financial institution financial statements.

Cayman Islands just launched its new DITC portal and extended the due date for filing FATCA and CRS reports to Dec. 16, 2020.

Final section 864(c)(8) regulations clarify rules for foreign partners with ECI from transfers of partnership interests.

IRS has issued two campaigns for Life Insurers and issues regulations on the calculation of life insurance reserves under section 807(d).

The IASB’s recent amendments address the transition to alternative interest rate benchmarks as a result of benchmark reform.

We have updated our white paper, which provides an overview of lessor accounting under ASC 842 for financial institutions.

IRS releases a statement announcing that the application period for the CAP program is now open to qualifying corporations for 2021.

Our summary highlights several regulations affecting broker-dealers that recently have been issued or updated.

The U.S. Department of Labor has issued necessary regulations for service providers that want to offer PEP arrangements to their clients.

The IRS updated taxpayers on its operations status and recognized the delays in processing check payments due on July 15, 2020.

Proposed carried interest regulations are mostly as expected with a few new items and detailed computational rules.

Understand financial indicators and red flags of COVID-19 fraud schemes to protect your institution and customer base.

Changes to NOL rules under the TCJA and CARES Act are implemented for consolidated corporate groups under new proposed regulations.

DOL proposes prohibited transaction exemption for Financial Institutions and Investment Professionals providing advice to participants.

The recent IRS Notice provides relief in the form of flexibility for investment timing and testing periods for QOFs and their investors.

Investigations conducted by Swedish and Estonian authorities identify significant deficiencies in AML operations of Swedbank.

Examination manual updates are designed to help institutions measure the adequacy of BSA/AML compliance programs.

Consumer Financial Protection Bureau is amending Regulation C to increase the threshold for reporting data about closed-end mortgage loans.

On the heels of a financial crisis, Fed removes withdrawal limits completely to ease customers’ access to their funds