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Citco launches FATCA compliance program for clients

Monday, October 01, 2012
Opalesque Industry Update - The Citco Group of Companies (“Citco Group”), a worldwide group of leading independent financial service providers, announced that it has undertaken an extensive Group-wide initiative to ensure full compliance with FATCA regulations. This announcement follows the publication of the proposed FATCA regulations released February 8, 2012 and the Model Intergovernmental Agreement (“IGAs”) of July 26, 2012 as well as the announcement of the first signed IGA between the USA and the UK of September 14, 2012.

Where appropriate, companies within the Citco Group will register as Participating Foreign Financial Institutions (FFIs). FATCA compliance will also cover services that are delegated by various Citco Group companies to external service providers, for example, sub custodians and correspondent banks. The Citco Group will therefore be requesting all its FFI clients and counterparties to confirm their intention to become fully compliant with the FATCA regulations by the effective date.

The Citco Group’s Fund Services division has also developed a comprehensive Reporting Service to assist fund administration clients comply with FATCA. The service will provide clients with:

  • detailed data analysis on each fund;
  • investor classification and a gap analysis to identify where further information may be required; and
  • assessment report outlining the remediation steps required for each fund to become FATCA compliant.
William Keunen, Director of Citco Fund Services, said, “Citco has a long history of providing leading edge solutions and services to suit the needs of our sophisticated clients. We look forward to leveraging our new FATCA Reporting Service program to assist them in navigating the FATCA process.”

The Citco Group commenced its FATCA program in early 2011 and is currently closely monitoring any FATCA information released by the IRS as well as the impact the IGAs will have on Citco’s FATCA obligations. Citco will provide ongoing updates on its program and compliance status, and will continue to participate in industry groups involved in lobbying the IRS, the Treasury, and local government to simplify the FATCA compliance process.

Press release


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