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FATCA responsible officer certification services
Is your organization ready to make required responsible officer certifications?
The deadline for responsible officers (ROs) of participating Foreign Financial Institutions (FFIs) and Reporting Model 2 FFIs to certify their compliance with the U.S. Foreign Account Tax Compliance Act (FATCA) is July 1, 2021. RO certifications are generally due July 1 following the third full calendar year after the date the entity registered and received a global intermediary identification number (GIIN) and periodically thereafter, every three years. With the Internal Revenue Service’s compliance campaigns focused on FATCA reporting it is more important than ever to manage risk associated with non-compliance.
RSM can assist your tax, operations, and legal compliance functions with managing risk associated with new and more complex global reporting requirements. We bring fresh ideas and perspectives that enhance your compliance with these complicated and evolving regulations.
Services we provide to assist ROs include:
- Assessment, design and testing of FATCA and CRS internal control frameworks
- Assistance with implementing new systems and remediation plans
- Internal audit solutions for FATCA certification and sub-certification processes
- Tax information reporting evaluations and risk assessment studies
- Certification checklists and compliance manuals
- Customized FATCA and common reporting standards educational sessions
- Evaluation of new account onboarding and benchmarking AML/KYC processes