Financial Crime World

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Mozambique Financial Institutions Must Adhere to FATCA Regulations to Avoid Penalties and Maintain Competitive Edge

As global regulatory focus continues to intensify, Mozambican financial institutions are under increasing pressure to ensure compliance with Foreign Account Tax Compliance Act (FATCA) regulations. The International Revenue Service (IRS) has made it clear that non-compliance will result in severe penalties and reputational damage.

Compliance Assistance from Foodman CPA & Advisors

Foodman CPA & Advisors, a leading provider of banking compliance services, is helping Mozambican financial institutions navigate the complexities of FATCA compliance. With over 100 clients worldwide, the company has extensive experience in assisting financial institutions with reporting, preparation of IRS forms, and self-certifications required by the Responsible Officer of a Foreign Financial Institution (FFI).

FATCA Regulations: A Complex Web of Requirements

The FATCA regulations require Mozambican financial institutions to:

  • Identify and report on U.S. account holders, including individuals and entities
  • Conduct due diligence on accounts to ensure compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) requirements

Foodman CPA & Advisors’ FATCA Services

Foodman CPA & Advisors offers a range of products and services designed to help Mozambican financial institutions comply with FATCA regulations, including:

  • A customized FATCA manual tailored to each institution’s specific needs
  • Flow charts outlining step-by-step due diligence procedures for individual accounts, entities, and financial institutions
  • An audit program providing a detailed approach to implementing a FATCA internal audit program
  • A help desk offering 10-hour blocks of dedicated support for institutions with specific questions or concerns
  • Training on Qualified Intermediaries (QI) status and roles and responsibilities
  • IRS certification forms training via webinar
  • On-site and webinar-based FATCA training

Incoming and Outgoing: The Challenges of CRS Compliance

In addition to FATCA compliance, Mozambican financial institutions must also ensure compliance with the Common Reporting Standard (CRS). The OECD’s automatic exchange of information protocols require financial institutions to report on certain financial accounts held by foreign tax residents.

Foodman CPA & Advisors’ CRS Services

Foodman CPA & Advisors offers a CRS handbook summary in Spanish, providing a concise overview of a financial institution’s CRS responsibilities and offering an easy-to-understand training presentation ensuring compliance.