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Amicorp Group: Assurance Solutions 

by Tomas Alonso

Published: November, 2017

Submission: November, 2017

 



Amicorp Group: Assurance Solutions

One of Amicorp’s core businesses is the provision of global compliance and regulatory services through its Assurance solutions platform. More than half of the top 10 global private banks, asset managers, family offices and independent financial advisors have chosen Amicorp as their preferred business partner because of our specialist knowledge and services in the regulatory and compliance field across various continents.


Across more than 42 offices in over 30 countries. Our aim is to become your strategic partner of choice in delivering our full suite of Assurance services to you and your clients.


New market realities


In an ever-evolving global regulatory landscape, the OECD and local governments are rapidly implementing new global regulations in order to combat tax evasion by taxpayers on their foreign financial accounts and cross-border investments. The OECD has established the Standard for Automatic Exchange of Financial Account Information in Tax Matters and the Common Reporting Standard (CRS).


Today more than 100 jurisdictions all over the world have implemented CRS in their domestic legislation and agreements are being signed to automatically exchange information on financial accounts between CRS participating jurisdictions. This will have a deep impact on your compliance, reporting as well as structuring.


Amicorp Assurance can help financial institutions, family offices, high-net-worth individuals, and asset and fund managers with all the CRS compliance requirements, from CRS classification, due diligence on account holders, annual reporting to completing self-certification forms.


CRS compliance requirements


All entities classified as Financial Institutions that maintain accounts of reportable persons have compliance and reporting obligations under the CRS. To be compliant, information on all financial accounts and related financial transactions will be annually reported to local tax authorities and subsequently automatically be exchanged between CRS reporting jurisdictions. CRS sets out the personal and financial account information to be reported (balances, interest, dividends and sales proceeds), which financial institutions need to report and the different types of accounts and taxpayers covered (individuals and entities). In addition, funds, trusts, foundations and personal investment entities can be classified as Financial Institutions depending on facts and circumstances.


CRS services for Amicorp Assurance


  • CRS entity classification

Ensuring your entity is classified as Financial Institution-Investment Entity (FI-Investment Entity) or Non-Financial Entity (NFE), either Passive NFE or Active NFE. Classification reports are accessible through our online portal giving full insight into all classification and ongoing actions. And classifications will be aligned with the respective banks / FI’s where financial accounts are held.


  • CRS on-boarding and due diligence of new entity accounts and new individual accounts

We help on-boarding entities with their due diligence for CRS purposes. This includes collection and preparation of self-certification forms, review and validation of each accountholder’s information on its CRS status and tax residence. We determine whether information inconsistencies with Financial Institutions exist and work on resolving them.


  • CRSpre-existing account due diligence and enhanced file review

We will review the information of account holders to identify any CRS indicia on tax residencies, collect counter evidence where needed. We also review your existing structure or your entire client portfolio, to assess the local disclosure compliance and determine if restructuring measures are necessary and favorable to your needs.


  • CRS Reporting and other regulatory reporting

We can prepare and file the annual CRS reporting of Reportable accounts to the AEOI portal of the local tax authorities. We can assist by providing compliance, regulatory, risk management, and corporate secretarial services. We can also provide corporate governance services and a statutory managing director or trustee – keeping you compliant with regulatory and local filing requirements.



For further information, please contact:


Eric Boes

Global Head – FATCA/CRS Tel: +31 20 578 8388 e.boes@amicorp.com


 


 

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