Sweeping tax evasion and financial crime dragnet, FATCA, will be dissected at ACFCS Conference

MIAMI - April 3, 2013 - PRLog -- Tax filing deadlines are looming large in the United States, but this year, US taxpayers aren’t the only ones feeling pressure from the Internal Revenue Service. Banks, securities firms and other financial institutions worldwide are now contending with the arrival of the US Foreign Account Tax Compliance Act, a new tax reporting dragnet that is set to smoke out financial criminals globally and reshape the way institutions onboard and monitor their customers.     The Foreign Account Tax Compliance Act, known as FATCA, is a US law that requires all non-US financial institutions to collect information on their US accountholders and report it to the IRS for tax purposes.  Enacted in 2010, the law is aimed at US tax evaders hiding funds overseas, but promises to uncover unprecedented troves of information on money launderers, fraudsters and corrupt government officials with undisclosed accounts.     As FATCA’s first reporting requirements come into effect this year, financial institutions both in and outside of the US are scrambling to be ready. The process of implementing FATCA is complex and expensive for institutions, and penalties for noncompliance are severe. To equip compliance officers and others for FATCA success, the ACFCS 2013 International Financial Crime Conference & Exhibition, May 16 – 18 in Hollywood, FL, will feature two panels with leading authorities teaching the essentials of FATCA compliance and enforcement.      Conference provides comprehensive FATCA training for US, non-US institutions     “FATCA represents a compliance sea change internationally, and every financial institution should be preparing now,” says Charles Intriago, president of the Association of Certified Financial Crime Specialists (ACFCS) and a pioneer in the field of money laundering controls.     “That is why the ACFCS 2013 Conference, will provide indispensible training on every aspect of FATCA, from essential compliance duties to insights on new FATCA tax treaties.”      An estimated 200,000 institutions must improve their customer due diligence procedures to capture information on new accountholders, sort and classify their existing accounts, and develop new systems for monitoring customers and reporting FACTA data. Costs of FATCA compliance range from hundreds of millions to over $10 billion.     Experts give tools to reap unexpected FATCA rewards    Recognizing that FATCA’s burdens fall heavily on US banks and businesses, the conference’s opening panel on Thursday May 16th will dissect FATCA compliance for institutions within the US.     Four renowned FATCA experts will present on the panel “How US Institutions Can Avoid FATCA Landmines and Reap Its Hidden Benefits,” including Sara Satten, Deputy BSA Officer for Wells Fargo, and Stanley Foodman, CEO of accounting firm Foodman & Associates and a noted tax advisor.     “While FATCA poses serious challenges, institutions can also use it as a great opportunity to improve overall financial crime compliance,” says Brian Kindle, ACFCS editorial director. “The 2013 Conference is uniquely designed to equip attendees with the knowledge to transform FATCA’s headaches into a net positive.”    Institutions outside the US will also gain critical FATCA insights from the panel “How Non-US Institutions Must Navigate FATCA to Avoid Problems with Governments” on Friday May 17th. Bruce Zagaris, a recognized authority on international tax issues and partner at the law firm Berliner Corcoran & Rowe, will give vital guidance on new FATCA treaties called “intergovernmental agreements” and explain how they will impact financial institutions. Ron King, Chief AML Officer at Scotiabank, will offer key intelligence on FATCA implementation from the perspective of an institution outside the US.     Panels ready attendees for ‘convergence’ of financial crime    Beyond the panels that address FATCA directly, the full Conference program will feature instruction and expert advice on the law and its wide-ranging implications. The ACFCS 2013 Conference is the only financial crime event to take a “convergent” approach, guiding attendees on the connections between FATCA and AML compliance, anti-corruption efforts and many more fields.    Full details about the conference, its program, speakers, sponsors, exhibitors, and related events can be found here. To register, please click here.    Companies and firms that wish to sponsor or exhibit at the conference should contact Lanny Morris, Senior Vice President at 305-490-2933 or by e-mail at lmorris@ACFCS.org. For a current list of sponsors and exhibitors, please click here.       (Members of the media may obtain complimentary press credentials to cover the conference by contacting Brian Kindle at 786-517-2720 or bkindle@ACFCS.org.)