Isle of Man: DQ Addresses AICP On FATCA
Last Updated: 8 October 2014

DQ's head of regulatory & compliance services, Sinead O'Connor, addressed members and guests of the Alliance of Isle of Man Compliance Professionals on the impact of FATCA on the compliance monitoring programme. 70 delegates from across the Isle of Man financial services industry attended the breakfast briefing on Friday 26 September 2014 to hear about how compliance functions should be working with their FATCA teams to ensure that compliance with FATCA will be achieved and can be demonstrated.

Based on her many years of compliance experience, Sinead considered the questions which compliance and risk professionals should be asking themselves now in relation to FATCA and she also outlined various considerations for the future which included suggestions around sample testing and how often this should be carried out. Topics addressed by Sinead's presentation included entity classification, remediation and due diligence as well as other matters which may not be first on the FATCA agenda such as the impact on terms of business, fees and incorporation of FATCA into Group Compliance and Group Internal Audit programmes.

Sinead emphasised the importance of being able to evidence FATCA compliance and reiterated some of the key messages from DQ's Global Tax Enforcement Conference in July 2014 where it was clear that in the event of a future investigation, the information recorded on files will be vital for demonstrating best endeavours to comply.

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