External Tax Reporting Specialist

2 weeks ago

Johannesburg, South Africa FirstRand Full time

Job Description

Purpose

The purpose of this role is to provide specialist advice and support to the FirstRand Group across South Africa, the Broader Africa and International jurisdictions in respect of legislative and policy requirements relating to the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA).

The incumbent will be responsible for performing and / or supporting the analysis of regulatory requirements for the development of operational standards; research and development of criteria for process, risk, control, identification and assessment documentation and risk management plans; and supporting any Project / Programme within the FirstRand Group with any ad hoc tasks related to the implementation of FATCA and CRS.

**Responsibilities**:
- Perform research and other analysis on FATCA / CRS to determine impact on the incumbent’s allocated portfolio across South Africa, the Broader Africa or other International jurisdictions.- Provide specialist advice and support to the incumbent’s allocated portfolio across South Africa, Broader Africa or other International stakeholders. This would be inclusive of but not limited to advising and assisting business on the:
- Compilation and maintenance of FATCA / CRS Operational Procedures, Policy and Risk Management Plan per jurisdiction;-
- Document of standard operating rules in respect of customer due diligence for FATCA / CRS;-
- Document of and implementation of operational processes to ensure relevant FATCA / CRS reporting is complete and accurate;-
- Document, implement and maintenance of risk mitigating controls and monitoring operational implementation thereof;-
- Compilation of training content and regular training interventions in line with policy and training guides;-
- Identification of effectiveness of operational processes and procedures through evaluation, assessment and highlighting operational risks where gaps are identified;-
- Review of Business Requirements Specifications (BRS); and-
- Any determination on operational and procedural synergies that can be leveraged.-
- Review FirstRand Group entities to identify entities required to comply with the customer due diligence and reporting requirements under FATCA and CRS and register the entities with the applicable revenue authority to obtain a Global Intermediary Identification Number (GIIN) and / or other as applicable for FATCA / CRS reporting purposes;- Ensure that changes to FirstRand Group reporting entities are updated for the purposes of registration / deregistration under FATCA / CRS.- Reviewing and advising the operational areas whether any customer due diligence enhancements are required / has been amended.- Participating in any Deal Conclusion Forum / New Product approval as appropriate; and-
- Product review for FATCA / CRS reporting scope;-
- Participate in / assist where necessary in the South Africa and other jurisdictions’ industry forums / revenue authority workshops, with regular feedback to stakeholders in an appropriate communication method;- Perform monitoring within the agreed ambit of FRGT’s Frameworks and Policies. This is inclusive of but not limited to:
- Formulating an overview report of any customer due diligence non-compliance issues as identified through internal audit and/or compliance monitoring as conducted through internal Group Compliance or Group Internal Audit compliance monitoring (as logged on Archer or applicable compliance monitoring system) procedures;-
- Ad hoc independent reviews;-
- Raising and escalating applicable non-compliance risks as identified at the applicable Governance and Tax forum(s), relevant CFO Forum, Group Tax StratCo and FirstRand Tax Risk Committee (as maybe required); and-
- Facilitation of any compliance attestation process as required by a revenue authority for example the FATCA Responsible Officer attestation.-
- Any other duties that broadly fall outside the scope of those outlined above, but which are reasonably compatible with this job description and its objectives across the allocated portfolios where required.

Qualifications and experience- Undergraduate diploma in Law or Risk Management or equivalent.- At least 3 years relevant experience in FATCA / CRS is preferred.- Knowledge of the legislative and regulatory framework pertaining to banking, financial crime and the financial services industry would be an advantage.- Basic understanding of the compliance risk management process.

Other skills- Work independently with limited supervision (self-starter).- Knowledge of and insight into fundamental business practices and principles, the business domain and the industry. Quickly understands the business issues and challenges of the FirstRand Group.-
- Creative thinking and problem solving.- Quality focused and strong on delivery and meeting of deadlines.- Maybe be required to travel to fulfil the requirements of this role.

Job Details

Application Closing Date

14/03/24

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