Ensure Your IT Teams Are Using the Best Tools for a Better Transition Into FATCA Compliance to Be Addressed at marcus evans Conference
Interview With Joe Harris, Global Compliance & Regulatory Affairs at Ally Financial, Inc.
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 11/13/12 -- With the compliance deadline looming over the global financial industry, many financial institutions want to ensure they have systems in place to comply with the various provisions of FATCA. The penalties for non compliance are significant and that is why it is imperative that financial institutions adequately prepare, understand and comply with the standards of the implementation process for the new regulations.
marcus evans had the privilege to hear from Joe Harris before the upcoming . Below he shares with us his perspective on key issues facing IT departments within financial institutions, when it comes to complying with the new FATCA regulations. The responses below strictly reflect the views and beliefs of Joe Harris, and not necessarily those of Ally Financial, Inc.
Many banks are reviewing their overall exposure, based on the proposed regulations, by evaluating their customer on-boarding, withholding and reporting capabilities. Once that's done, they will need to develop remediation plans as necessary, based on the IRS' implementation timeline. These banks are also performing due diligence on their existing customer base to ensure they can appropriately identify these customers based on the FATCA requirements.
There was a lot of angst related to the fact that the final regulations had not been defined during the majority of 2012. The proposed implementation timeline, for certain aspects of the regime, was to occur on January 1, 2013. We now know that the IRS has extended certain implementation dates for both withholding agents and FFIs, and has provided clarity around what the final regulations will be with the issuance of Announcement 2012-42. That was great news to the global financial services industry, as we're at risk of not meeting the original implementation timeline.
Communications with the right stakeholders, whether they work in the business or staff functions, is probably the most important aspect of implementing a FATCA compliance program. IT teams, in general, don't necessarily have a detailed tax background, so working closely with, and educating them in the various aspects of FATCA has been extremely important in getting to the right answers.
Many companies today are involved in outsourcing some aspect of their operation to a third-party provider. By using outsourced providers, companies may gain competitive advantage through reduced costs, improved technology and infrastructure and speed to market. Some rely on the provider to exclusively maintain their systems, while others do not. Regardless of the systems development model used, or the size of the provider, companies must ensure that the business requirements related to FATCA are clearly articulated and the developers code, test and implement these changes with a high amount of rigor throughout the end-to-end process.
I hope they'll get a solid understanding of the issues and requirements related to implementing the FATCA regime. There is a wide variety of experts speaking at this conference, so attendees should not only gain a better understanding of this industry, but they should also be able to tap into the expertise that's available and network with their peers.
Joseph Harris joined Ally Financial in March 2009 as a Sr. Compliance Director overseeing the corporate compliance activities related to the enterprise information security program and is currently responsible for Ally's enterprise-wide FATCA assessment and implementation activities.
Prior to joining Ally, Harris was a Compliance & Operational Risk Executive for Bank of America, where he had responsibility for the compliance function overseeing the information security program. Harris spent 13 years at Bank of America in leadership roles in Finance, Audit, e-Commerce and Global Technology & Operations. His other professional roles were with Mellon Bank and Arthur Andersen.
This unique event will take place in New York, NY from December 4-5, 2012. Industry leaders attending this event will benefit from a dynamic presentation format consisting of workshops, panel discussions and case studies. Attendees will experience highly interactive conference sessions, 10-15 minutes of Q&A time after each presentation, 4+ hours of networking and exclusive online access to materials post-event.
marcus evans conferences annually produce over 2,000 high quality events designed to provide key strategic business information, best practice and networking opportunities for senior industry decision-makers. Our global reach is utilized to attract over 30,000 speakers annually; ensuring niche focused subject matter presented directly by practitioners and a diversity of information to assist our clients in adopting best practice in all business disciplines.
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