Business Advisory

QI Certification in 2018

Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal Revenue Service (IRS).

 

QI compliance – Certification process:

2018 follows the first 3-year certification period since QI agreements were renewed in 2014 alongside the inception of FATCA.

In 2018 many financial institutions assuming QI responsibilities have to perform a QI Certification process to the IRS supported by a periodic review.

 

How Grant Thornton Luxembourg can support you to obtain the QI Certification and comply with QI obligations:

  • Define or assess your QI compliance programme
  • Assist your Responsible Officer in fulfilling QI obligations
  • Understand the different components of QI compliance and major areas of responsibility that must be reviewed during the periodic review
  • Assess eligibility to the waiver of the periodic review
  • Act as External Reviewer to perform the periodic review, including the collection of factual information and the review of all or part of QI accounts
  • Assess the severity of material failures and events of default
  • Prepare information for completing the QI Certification process, be it Certification of Effective Internal Controls or Qualified Certification
  • Navigate the QI Certification within the IRS’s QI Application and Account Management System
  • Deliver training on QI and/or QDD obligations
  • Assist in addressing IRS queries
  • Perform QI reporting to the IRS
  • Become a Qualified Intermediary (QI)
  • Comply with FATCA obligations

 

Contact:

For more information about QI Compliance, please contact Catherine Normand or Lionel Gendarme.