Keeping on top of the latest financial services regulatory and compliance trends?
Investing time in your professional development within a rapidly changing financial services industry is challenging. To meet that challenge, the Australian Regulators Weekly Wrap is designed to keep you at the forefront of your practice by quickly setting out the top five developments from the past week, analysis and practical considerations for the future.
- FATCA / CRS (ATO): The ATO has issued a self-review guide and toolkit on the internal processes and systems that reporting financial institutions should maintain to comply with the Foreign Account Tax Compliance Act and the Common Reporting Standard, which has been something of a focus for it in preceding years. The ATO has stated that organisations’ frameworks should be based around three fundamental areas of compliance: 1) governance; 2) due diligence obligations; and 3) reporting systems. The ATO has stated that a well-designed framework: has a clear ‘line of sight’ for maintenance, reporting and compliance; sets out the operating model and controls (including the due diligence compliance program); identifies gaps and deficiencies, so…
