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Events > IFA Ukraine > First YIN Event Successfully Conducted

First YIN Event Successfully Conducted

28 april, 2016, Kyiv, Ukraine

IFA Ukraine was pleased to launch its first YIN event - open educating seminar, dedicated to transparency requirements that financial institutions have to comply with globally.

The event took place on April 28, 2016, at the office kindly provided by IFA Ukraine Official Legal Partner - EPAP Ukraine, and was designed to attract both IFA Ukraine young members and tax students on a free of charge basis.

Both young and experienced tax and banking law specialists covered latest developments in automatic information exchange, compliance policies for counterfeiting money laundering, and practical aspects of collecting information by banks.

Invited guest speakers from abroad were representatives from Austrian and Estonian banks, sharing their vision on the latest global developments and their implications for the banks.

Anna Klier, who is in charge of Client Relations department at a renowned Austrian Bank - Gutmann Private Banking, discussed the world trends in disclosing financial information, as well as highlighted Gutmann Bank's approach in complying with the effective and upcoming regulations. According to Anna, to date, banks do have all the necessary information about the ultimate beneficial owners, but it is only from 2017, in Austria's case, that they will be bliged to start sharing this information with state authorities. Anna listed to Seminar attendees all the deadlines and requirements, imposed by Austrian and EU legislation, to progressively unveil beneficial ownership in the coming years.

Igor Shestopalov, representing Estonian Verso Bank in Ukraine, illustrated the impact of transparency requirements for banks' activities and priorities by focusing on the following issues: why do banks refuse foreign companies in opening bank account, and what are the additional requirements and procedures to open such an account.

In particular, Igor noted that bank, first and foremost, would like to clearly understand company's activity profile, as well as to be sure that the reputation of the beneficiary is flawless. To open an account, the bank studies diligently activities of company's subcontractors, publicly available sources on company and its beneficiary, and sets limitations for companies from low-tax jurisdictions. Once the account is opened, the bank controls whether and if the declared parameters are being fulfilled by the client.

Denys Siiushov, Associate at Arzinger, in his presentation "CRS and its Impact on Trusts" focused on upcoming reporting requirements for trusts in the form of: 1)Reporting Financial Institution ("FI"), or 2)Active NFE, or 3)Passive NFE with Controlling persons.

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