Baccata Trustees Limited

Compliance

We live in an increasingly regulated world in which financial services are regulated to a high degree.

Investment structures can be complex. Cross border transactions may require any number of regulatory permits, pre-authorisation clearances, and detailed due diligence. Authorities are increasingly inquisitive and demand particular information about parties to a transaction, whether it be in the UK (eg: ATED or SDLT forms) or back trading certificates for foreign companies operating in the Middle East or Africa.

Banks, lawyers and accountants all need sufficient information about the people for whom they act and we are now in an era of fiscal transparency and reporting as embodied by the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).

Baccata has the experience and the skilled resources to assist you with meeting all of your compliance requirements and can regularly help with the following:

Compliance in Jersey

Jersey has a well established approach to compliance which requires appropriate identification and source of funds information.

The island operates within the FATCA and CRS regimes for tax compliance and has a number of double-tax and tax information exchange agreements, which can place extra demands on citizens from specific countries (eg: US and UK).

Jersey companies seeking to list on a stock exchange will also have to meet any additional requirements demanded by the exchange itself.

Jersey is also a signatory to the Convention on Mutual Administrative Assistance in Tax Matters.

Compliance requirements

Baccata complies with all regulations governing finance business in Jersey and has a duty to ensure that new clients provide particular information when we begin work with them.

The Codes of Practice issued, pursuant to the Financial Services (Jersey) Law 1998, as amended, set out the minimum due diligence and compliance requirements necessary before a new client matter can be taken on. To speed the process, we use the required information to complete the compliance requirements of banks, brokers or other third parties.

The minimum information we require for each shareholder, director, settlor, beneficiary or other key agent or ‘player’ within a client structure, is:

  • Current passport, original or certified as “a true copy and true likeness of the original” by an accountant, lawyer or Notary Public.
  • Tax references and codes (FATCA/CRS).
  • Certified true copy of one current utility bill (not mobile phone) giving full-time residential address.
  • (For corporate clients) A copy of an annual report, last published accounts, or an auditor’s letter confirming the status of the company.
  • Completion of our specific questionnaires with details of the commercial rationale.
  • Tax memorandum on proposed structures.

Here at Bacatta, we are fully focused on using our wealth of expertise, experience and knowledge in international finance, corporate governance and wealth structuring for the benefit of our global client base.

Wherever our clients are based, we make it our responsibility to visit them annually and remain in close contact throughout the year. Alongside the quality of our work and the solutions we provide, this close relationship means that our clients have confidence in us to deliver the services they need.