CEOs in tight spot on corporate breaches
Tuesday January 19 2021
Summary
Over the past couple of years in Kenya, we have seen increased regulatory reforms championed by local regulators, notably the Central Bank of Kenya (CBK), the Capital Market Authority (CMA), the Financial Reporting Centre (FRC) and the Insurance Regulatory Authority (IRA).
Some of the corporate conduct breaches that management and directors may be held personally liable for include violations related to customer data privacy and financial crimes relating to money laundering and terrorism financing.
The global financial crisis of 2007-2008 will long be remembered for the turmoil it caused to the banking industry. Some well-established banks previously thought to be too big to fail came crumbling down overnight.
IR-2021-12, January 13, 2021
WASHINGTON The Internal Revenue Service today announced the appointment of 13 new members to the Internal Revenue Service Advisory Council.
The IRSAC, established in 1953, is an organized public forum for IRS officials and representatives of the public to discuss various issues in tax administration. The council provides the IRS commissioner with relevant feedback, observations and recommendations. It will submit its annual report to the agency at a public meeting in November 2021.
The IRS strives to appoint members to the IRSAC who represent the taxpaying public, the tax professional community, small and large businesses, tax exempt and government entities and information reporting interests.
IR-2021-12, January 13, 2021 WASHINGTON - The Internal Revenue Service today announced the appointment of 13 new members to the Internal Revenue Service Advisory.
As savings firm denies services to dual UK and American citizens due to Fatca
Germany-based Augsburger Aktienbank (AAB) has reportedly told customers it will close custody accounts and accounts for clients that are considered ‘United States Persons’.
Additionally, the offering won’t be available to US citizens in the future.
The closures will be effective from 31 March 2021, reported local B2B news website
Fonds Professionell, and AAB cited the US’ Foreign Account Tax Compliance Act (Fatca) as the reason for the move.
This is because the legislation requires foreign financial institutions and their US clients to report their financial information to the Internal Revenue Service (IRS) for tax purposes, as the US has a citizenship-based taxation system.