Foreign Account Tax Compliance Act – FATCA



Foreign Account Tax Compliance Act – FATCA

The Foreign Account Tax Compliance Act (FATCA) is a US law aimed at foreign financial institutions (FFIs) and other financial intermediaries to prevent tax evasion by US citizens.

After a relatively quiet four-year ramp up, America’s global tax law is now being enforced. FATCA requires foreign banks to reveal Americans with accounts over $50,000 and considering the risks of being frozen out of U.S. markets, everyone is complying. Firms that fail to comply with FATCA will be subjected to a stringent 30% withholding tax on any US sourced transfers even if they do not have any US customers. Further, FATCA registered financial firms may be prohibited from dealing with them. FATCA applies to both financial and non-financial operating business. Does FATCA apply to your business? There is no minimum threshold.

FATCA represents a complex and costly compliance task for financial services firms globally by the US tax authorities. It includes amending everything, from more thorough KYC requirements to changes in the account opening processes for new customers to take into account the new information required under FATCA, and systems will have to be updated to comply with the withholding taxes if so required. Insurers and insurance brokers will have to comply with new information gathering and reporting rules when U.S. insurance and reinsurance premiums are sent outside the U.S.

All firms must determine if they wish to continue to do business with US customers and whether they wish to continue to trade in US assets. If they wish to continue, they will need to enter into an agreement with the IRS (Internal Revenue Service) and comply with certain reporting requirements. All processes for all customers will have to be amended to take into account the information required under FATCA. Systems will have to be updated to comply with the new requirements for KYC.

FATCA is in process, and is already being implemented. The objective of this seminar, through a highly interactive and case study based format, is to give a comprehensive overview of the requirements so that Non-US firms understand if FATCA applies to them and if so do they wish to continue to work with US based payments, even pass through payments.

Benefits of attending

By attending this highly interactive 2 day seminar, you will:

  • Discuss the practical impacts of IGAs and strategies for achieving operational and infrastructural efficiency.
  • Address all key FATCA requirements and benefit from an in-depth understanding of the background, requirements and timelines, including a thorough update.
  • Familiarise yourself with the challenges of FATCA implementation for foreign financial institutions (FFIs)
  • Analyze the IRS guidance and discuss the implications
  • Assess the criteria for determining whether an account is a US account or not.
  • Comprehend how your existing processes and procedures (including AML and KYC) may need to change in light of FATCA.
  • Appreciate the potential costs of non-compliance with FATCA.
  • Be aware of the main criticisms of FATCA and how this could affect your business.
  • Consider whether FATCA will lead to a drop in investments in the US capital markets.
  • Become FATCA compliant without “breaking the bank.”
  • Become eligible to join GSB’s 25month Banking Diploma
  • Become a member of the INTERFIMA community and gain access to a broad list of benefits.
  • Gain 14 total CPE Credits in Economics, Regulatory Ethics and Taxes!

Who should attend?

Who should attend the 2 Day Seminar!


  • Ministries
  • Regulators
  • Monetary Authorities
  • Pension Funds
  • Banks & Financial Institutions
  • Corporate Service Vendors
  • Investment Vehicles
  • Funds
  • Trust & Fiduciary Services
  • Legal Entities

Job Titles:

  • Government Policy Officers (Ministers, MPs, Regulators)
  • Legal Managers/ Directors
  • E- Commerce professionals
  • Banking Operations (Front & Back Office)
  • Product Strategy & Development/Design Managers & Heads
  • IT Managers
  • Product Development Executives
  • Tax Specialists
  • Chief Executives
  • General Managers
  • Head of Operations
  • AML Professionals
  • Compliance Officers
  • General Counsel
  • Fund Managers
  • Relationship Managers
  • Risk Management Professionals
  • Members of the Board of Directors
  • Members of Regulatory Agencies

Who should attend the post-seminar workshop!

  • CEO, Founder, Chairman, Managing Director/ Partner with US dual citizenship,
  • Investors in GCC business owned by US person

This post-seminar workshop is specifically developed to address the business implications FATCA bring to businesses in the Gulf region owned by US persons.

Post-Seminar Workshop

Post-Seminar Workshop: Impact Of FATCA For Business Owners With US Dual Citizenship

According to FATCA, banks must give the IRS the names and account details of any clients with “U.S. indicia,” such as a U.S. birthplace, unless the client certifies that they’re not a U.S. citizen, prove they’re a citizen of another country and produce a U.S. Certificate of Loss of Nationality, or a “reasonable explanation” of why they don’t have one.

This means that a person that was born in the US but never lived there, nor worked or filed any tax returns still fall under FATCA. Even people that have renounced their US citizenship can still be considered US citizens because they did not give notice to the Department of State that they had the intent at that time to give up their US citizenship. Just as an example, it is estimated that 200,000 Saudis have dual citizenship and 30,000 of them are estimated tax defaulters.

Attend this half day workshop and get the A to Z of how FATCA will impact your business and what you need to know as a person with US “indicia”. More specifically you will get to:

  • Discuss where to start and the steps to take to become compliant or relinquish the US Citizenship
  • Update on FATCA rules, recent cases and implementation for those holding dual Citizenship/ those who haven’t “denounced” their US rights
  • Discuss the definition of US “indicia”, dual citizenship and the Certificate of Loss of US Nationality (CLN)
  • Familiarize yourself with US tax obligations
  • Appreciate the potential costs of non-compliance with FATCA for any US person owned business
  • Understand how FATCA can impact your business if owned by US person
  • Prepare yourself and your company for compliance
  • Discuss tax optimization after becoming tax compliant

Who should attend?

  • CEO, Founder, Chairman, Managing Director/ Partner with US dual citizenship, 
  • Investors in GCC business owned by US person

This workshop is specifically developed to address the business implications FATCA bring to businesses in the Gulf region owned by US persons.

* This workshop can be booked separately.

Your seminar and workshop leaders

Meet your seminar leader: Burke Files, President, Financial Examinations and Evaluations Inc., USA

Burke Files

Burke Files is a recognized international expert in compliance and AML, Due Diligence, Financial Investigations / Asset Recovery when the due diligence has not been done, and the creation, defense and valuation of IPCI – (Intellectual Property and Critical Information). He has also worked in international finance as a principal in a banking institution and a trust company.

Burke has participated in drafting legislation for IFCs including contribution on series LLCs law, fund legislation, trust company legislation and securities legislation. He has been quoted in several articles on these topics. He has authored 4 books – the most recent being “Due Diligence For The Financial Professional”, 2nd Edition – and has won two book awards!

He is a regular contributor and participant of events and conferences worldwide, while a regular instructor and expert for the International Association of Financial Management (INTERFIMA) on topics like, compliance, AML, sanctions, FATCA and other.

Burke is also the owner and editor of the Aegis Journal; an online hub of news in international regulation for the financial markets and their effect in the business.

Meet your workshop leader: Karim Ghandour

Karim GhandourKarim Ghandour, the managing director of MLG Family Office, is an entrepreneur who parlayed his 17 years of family financial planning experience into a company that offers financial coaching to fellow entrepreneurs. As an independent certified estate planner, Karim draws on his own passions to guide individuals and family businesses through their legacy planning, including long-term wealth management and planned giving.

Beginning his career in Ottawa, Canada in 1993, Karim worked as a financial consultant with MetLife, one of the top financial services companies in the world. His career path brought him back to the Middle East where he works with clients in Lebanon, Saudi Arabia, Jordan and the UAE. He is fluent in both English and Arabic and is a dual Canadian and Lebanese citizen.

Karim graduated with a Bachelor of Arts from Carleton University in Ottawa, Canada and is an active member of the Million Dollar Round Table, becoming the area chair in 2010.

About Interfima

About Interfima


The International Association of Financial Management is a non-profit organization that aims to share knowledge and add value to the financial markets, through ongoing professional education and training. Headquartered in Luxembourg, INTERFIMA operates in Europe, Middle East, Africa, and Oceania while continuously expanding into new regions.

INTERFIMA is committed to bringing the best financial learning experience to financial institutions, corporations, governmental entities, and industry professionals, through high quality learning standards.

Benefits of INTERFIMA Membership

  • Regular updates, articles and news through the monthly Newsletter.
  • Access to extensive training materials, classes, workshops, seminars, e-learning and professional accreditation.
  • Exclusive membership discount to all INTERFIMA events (classroom and online).
  • International perspectives and networks
  • Assistance with professional or career questions
  • Access to knowledge and contacts that differentiate you from non-members, enhancing your career and employment prospects.
  • Opportunities to participate in original research on the topics and issues impacting your role.
  • Networking with peers and executives at physical meetings/events and through on- line forums – ideas, insights, career opportunities etc.
  • Chances to initiate or join ‘communities of interest’ on specific subjects or projects.


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