Services provided: FATCA Analysts
RBC faced a time-sensitive requirement to check all previously opened accounts for identification and classification of account holders into one of 37 categories under the Foreign Accounts Tax Compliance Act (FATCA) regulations. In order to support their FATCA compliance project, FDM consulted with RBC to define their knowledge requirements and identify the consultant profiles desired.
FDM modified the standard Risk, Regulation and Compliance program to build-out very detailed training on FATCA regulations and the related tax documentation in line with RBC’s project requirements.
This enabled RBC to onboard seven FDM consultants into their initial FATCA Validation & Operations team and has since requested similarly trained consultants from FDM. To date, FDM has now supplied 40+ consultants within tax ops roles at RBC.