EastNets roadshows to explain new US tax law
Dubai, April 25, 2013
EastNets, a leading provider of compliance solutions, is organising roadshows across GCC and Pakistan to help financial institutions understand the implications of the new US Foreign Account Tax Compliance Act (FATCA).
The road show, which kicked off in Kuwait on April 22, followed by Dubai on April 24, will enable organisations to stay in compliance with FATCA and all other compliance regulations.
FATCA, come into effect as from beginning of 2014 , makes it compulsory for banks all over the world to provide the US Internal Revenue Service with full disclosure on the accounts of clients who are American citizens.
Although the Act is intended to prevent tax evasion among US citizens living and working abroad, it has also been raising concerns among financial institutions that want to honour international policies and yet are hesitant to possibly compromise the confidentiality of client information. FATCA is expected to have far reaching repercussions for between 100,000 and 700,000 financial organisations globally.
Hazem Mulhim, CEO of EastNets said, “Multinational financial institutions will need to make significant process and technology changes to comply with FATCA. The measures they will have to take can range from performing a current state assessment of systems and operations to developing action plans to implement changes required for FATCA compliance.
“Given this scenario, we believe that our road shows will prove extremely useful and informative to financial organisations in the region, by helping them better understand the implications of the Act and how they can avoid the risk of non compliance.”
In an effort to enable foreign financial institutions (FFIs) comply with FATCA, earlier this year, EastNets launched en.SafeWatch FATCA, a specialised solution that facilitates FFIs to comply with the Act using technology based on EastNet’s anti-money laundering solutions.
The en.SafeWatch FATCA solution determines missing information in customer databases and confirms adherence to FATCA stipulations. Powered by EastNet’s proprietary reporting engine, en.SafeWatch FATCA automatically tracks and logs changes done to customer data meeting the US indicia and informs FFIs accordingly. A major appeal of en.SafeWatch FATCA is its user-friendly configuration which does not require advanced IT skills.
The roadshows in Kuwait and UAE will be followed by road shows in Saudi Arabia, Bahrain, and Pakistan and conclude in Qatar. – TradeArabia News Service
More Finance & Capital Market Stories
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit