Press Release

TMF Custom House Global Fund Services Rolls Out FATCA Solution

06 May 2014

TMF Custom House Global Fund Services, a leading provider of financial services to the alternative investment sector, today announced that it is now offering clients a Foreign Account Tax Compliance Act (FATCA) solution, ready for roll out and implementation post-IRS registration deadlines and beyond.

The in-house solution will further enhance TMF Custom House’s existing investor services and regulation and compliance offerings, assisting clients with the FATCA requirements by advising on registration requirements, gathering investor data, reviewing and assessing such data and providing the relevant FATCA tax filings.

“TMF Custom House has always been focused on investors and the investor experience on behalf of fund managers. With today’s regulatory demands and high service level expectations, we are pleased to be ahead of the curve with a comprehensive solution for our client’s FATCA requirements, which is a part of our substantive compliance and regulatory reporting service. As well as FATCA, the service includes providing assistance with tax transparency in several jurisdictions, including across the EU, with the European Union Savings Directive (EUSD), as well as in key regulations such as AML, and AIFMD,” said Mark Hedderman, CEO, TMF Custom House.

Fund clients will be assisted in registering their fund(s) for FATCA on the IRS portal and after this point, TMF Custom House will manage the process of data requesting and data input, analysis, and remediation so that by year-end both fund administrator and client will have a definitive understanding of the reporting required. TMF Custom House will also carry out the reporting to relevant authorities, which will depend on where the funds are domiciled. TMF Custom House will take over and manage the responsibility of the fund’s compliance with FATCA, up to and including reporting to the relevant tax authorities.

“This is a complete offering for our fund clients, which is extremely substantive and allows the client to hand-off responsibility for the process to TMF Custom House. We are creating a database of relevant information on investors and entities in the investor pool in order for FATCA reporting to be accomplished. As a fund administrator, we have a natural, pre-existing relationship with each shareholder and are thus in the best position to ask the questions. We are already obtaining AML information, we understand the investor demographics, and importantly, where the subscription monies originated,” said Dermot Mockler, Group Head of Regulatory Affairs, Compliance & Anti-Money Laundering, TMF Custom House.

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