The chair of the U.S. Senate Committee on Homeland Security & Governmental Affairs and six other Democratic senators have sent a joint letter to the U.S. Secretary of the Treasury Janet Yellen and Commissioner of the Internal Revenue Service (IRS) Daniel Werfel calling on their agencies to “swiftly implement their recently proposed tax reporting requirements… Read More >>
Northern Trust Lands Asset Servicing Client & Other News
Holland College Taps Northern Trust Holland College, a community college on Prince Edward Island, has tapped custodian Northern Trust to provide asset servicing solutions such as custody, investment risk and analytical services, and benefit payment services, officials says. “Innovation and technology were key priorities for our institution when we went to market for a… Read More >>
FINRA Fines Citi for Alleged U4 Filing Woes
Citigroup Global Markets has been censured by FINRA, the financial-industry’s self-regulatory authority, and will pay a $375,000 fine for alleged failures regarding Form U4 filings for its registered representatives. A form U4 is the Uniform Application for Securities Industry Registration or Transfer. Those forms would have disclosed the Citigroup reps’ “unsatisfied tax liens and judgments,”… Read More >>
Swiss Bank Fined $22M via Tax Evasion Case
Zurich, Switzerland’s oldest private bank has admitted that it helped United States taxpayers hide offshore accounts from the Internal Revenue Service. The bank, Rahn+Bodmer, will pay $22 million in fines and penalties. It also has reached a deferred prosecution agreement with the U.S. Department of Justice. Of the entire $22 million in penalties, $4.9 million,… Read More >>
CFTC Gives Compliance Officers More Time to File Annual Reports
Chief compliance officers at futures commission merchants (FCMs), swap dealers, and major swap participants may have more time to file annual reports because of amendments that the CFTC is proposing for a key regulation. CFTC officials announced on August 9 that it will be publishing in the Federal Register proposed amendments to CFTC regulation 3.3… Read More >>
New Markit Service Targets the Demands of CRS
Markit is launching a due diligence solution intended to help financial services firms meet a forthcoming standard for the automated exchange of financial account information, particularly as it relates to know your customer (KYC) requirements. Created with help from officials at Barclays and Brown Brothers Harriman (BBH), the new offering is Markit│CTI Tax Solutions for… Read More >>
eClerx Partners with Comply Exchange
Business process support vendor eClerx has partnered with Comply Exchange, a tax compliance and reporting services provide, to “form an end-to-end solution for tax reporting,” according to an official statement. The partnership aims to provide financial entities with a scalable tax reporting solution to “support the many cumbersome activities associated with customer segmentation, client outreach, data… Read More >>
