FOCUS Solutions Foreign Account Tax Compliance Act (FATCA) Training provides comprehensive guidance on the legal, compliance and enforcement aspects of one of the most significant developments in the financial crime field in the past decades. While it began as a US law aimed at curbing offshore tax evasion by US persons.
Financial regulation is becoming increasingly complex, driven largely by the G20's extensive international regulatory agenda following the financial crisis as well as local measures to address perceived market failures. Regulations emerging in each country are often different from each other or even in conflict, and time frames for implementation are not aligned.
Compliance risk is the threat posed to a company’s earnings or capital as a result of violation
or nonconformance with laws, regulations, or prescribed practices. Companies that fail to
comply with the necessary standards may be subjected to fines, payment of damages, and
voided contracts. This, in turn, can lead to diminished reputation and limited business
opportunities as the company finds its franchises reduced in value and its potential for
expansion curtailed. In extreme cases, the company may find it is no longer capable of
enforcing its contracts.
Until fairly recently, compliance was seen as a separate business practice, along with
governance and risk management. However, over the past decade, these three disciplines
have developed a considerable number of overlapping activities, such as internal audits,
incident management, operational risk assessment, or compliance with regulatory programs
such as the Sarbanes-Oxley Act (SOX). Today, many companies take an integrated
approach to these three areas, referring to them collectively as Governance, Risk
Management and Compliance.