In a recent article by FinOps Report on the precautions FATCA Responsible Officers (FRO) should take, Group Head of Regulatory Affairs and Compliance for TMF Custom House Global Fund Services Dermot Mockler shared his views.
Says Dermot Mockler: “At the very least, [FRO] is a job which is not to be taken lightly, because of the extensive responsibilities involved.
“The buck stops with the FRO or any designated responsible officer, regardless of liability so its best that he or she receive a sign off from other senior level officials, particularly where it needs the cooperation of other departments. In the case of Model II countries, any instructions given also need to emphasise the FRO’s personal liability.”
Read the full article here.