Extension to Comply with FATCA Reporting

Financial institutions that are required to comply with the United States of America’s (USA’s) Foreign Account Tax Compliance Act (FATCA) are asked to note that the US Treasury Department has issued Notice 2015-66 which provides for some relief from the deadline of 30 September 2015 for exchange of information by Foreign Governments that have a signed Inter-Governmental Agreement (IGA) or have reached an agreement in substance with the USA.

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September 2015 Newsletter – AML/CFT Onsite Examination Programme (Part 2)

Fifty-five percent (55%) of the regulated entities were found to be compliant in maintaining a training program to test the effectiveness of their employees’ AML/CFT awareness and maintained a training register as evidence of that training. Pursuant to paragraph 133 of the FSIISR—“Training Programmes”, regulated entities should decide for itself how to meet and train members of its key staff in accordance with its particular commercial requirements and how such training is used effectively.

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