The College of Banking and Financial Studies (CBFS) conducted a training course on“ Foreign Account Tax Compliance Act (FATCA)“ for staff of banks and finance companies.
Conducted at the College premises in Bausher, the course was facilitated by Ms. Joyce Noronha, Faculty Member, CBFS and a Certified trainer in Compliance and Risk Management.
FATCA is a new US law aimed at foreign financial institutions (FFIs) and other financial intermediaries to prevent tax evasion by US citizens and residents through the use of offshore accounts. It requires reporting to the IRS regarding offshore accounts and investments held by US persons. It will have an equally significant impact on all fund managers and institutions doing business with US citizens or US entities. It is a major compliance responsibility for financial institutions.
The objective of the course was to provide an overview of the technical requirements and implementation strategies as well as the related risks involved.
The course coverage encompassed identification of the different categories of entities and clients impacted, account due diligence, reporting, timeline of important dates, general project approach, internal controls and certification considerations , compliance duties- key departments and staff that have compliance obligations.
It is worth mentioning that the College of Banking and Financial Studies is committed towards strengthening the level of preparedness of the banking and financial community to meet the dynamic requirements of the banking and financial sectors in Oman.
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