Solutions
GCG Monaco helps you to implement a cross-functional system of compliance, risk management and internal controls to adapt to regulatory changes in your sector and protect your institution against regulatory, commercial and reputational risks. A strong compliance and risk management function will thus become a factor of increasing importance and will enable you to create effective differentiation value.
Compliance and Risk Consulting & Outsourcing FATCA Sponsor, CRS and DAC6 Service Provider Data ProtectionOur experience shows that the compliance function does not necessarily require the allocation of a full-time in-house person. With its independence, GCG Monaco offers to take charge of all or part of your Compliance and Risk Management function.
Compliance and Risk Management Outsourcing
Our approach to outsourcing the tasks of this function is pragmatic and can include the following services:
- Ongoing services (organisation, upgrading and/or supervision, assistance with investigations, updating client files, optimisation of tools, etc.)
- Periodic services (diagnosis, training, assistance with prudential audits, risk mapping, enhanced due diligence reports, remediation, etc.)
Co-Sourcing Compliance and Risk Management
Co-sourcing is a solution that makes it possible to adapt to the needs of an existing compliance department, by proposing one of three areas of intervention:
- Missions requiring "classic" expertise and high volume, unpredictable or non-adjustable over the year (response to workload peaks)
- Assignments requiring specialised expertise on a particular, high-risk subject
- Missions for new needs (increase in activity, new geographical sites to be covered, suspected fraud, acquisition of a new entity)
Compliance and Risk Management Consulting
The purpose of compliance and risk management consulting is to help regulated entities to fulfil their regulatory obligations and to control their compliance risk. As the regulatory framework is constantly evolving, compliance involves the constant adjustment of existing prevention and control mechanisms to the intensity of new legal risks and regulatory changes. Whatever the size of the organisation, GCG Monaco can provide you with tailor-made support to meet new strategic challenges, reposition the Compliance function or meet a demand for increased flexibility (new risks, new activities, new markets, etc.).
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As experts in the regulatory and compliance fields, we offer these services in the form of one-off or long-term support. Our solutions are pragmatic and tailor-made, and aim to help you achieve your compliance objectives, helping to ensure the sustainability of your business.
Trust our team and experience to help you meet these challenges!
Using its in-house-developed Customer Relationship Management (CRM) and an ISO 27001 compliant IT system, GCG Monaco Sàrl delivers cutting edge data analysis, tax reporting services and the highest standard of confidentiality to its worldwide clients.
FATCA Sponsor & CRS Service Provider
By performing the Financial Institution's (FI) obligations on its behalf, GCG Monaco contributes to the entity's proper application of Common Reporting Standard (CRS) & Foreign Account Tax Compliance Act (FATCA) requirements. The FATCA “Owner documented” status has no equivalent under CRS/AEOI and thus entities who elected this status are responsible for their own reporting in their registration country. As CRS/AEOI Service Provider and FATCA Sponsor, GCG Monaco offers a consolidated solution of CRS Service Provider and FATCA Sponsoring services, where all duties are conducted under a single roof. GCG is a registered FATCA sponsor with GIIN LRJITJ.00000.SP.756 which offers a turnkey solution via a simple process that ensures all relevant documents are available within 48h. (W8-BEN-E, W8-IMY, W8-BEN, W-9 and any other bank specific form)
- Identification of the persons holding an Equity Interest (Account Holder)
- Account Holder documentation
- AEOI activated agreements mapping & determination of reporting requirements
- Personal and financial data formatting
- Record keeping
- Regulatory monitoring
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Registration
Jurisdictions like the Monaco, British Virgin Islands (BVI), Cayman Islands, Bahamas and Panama require the registration of all Financial Institutions even if reporting isn’t required. GCG performs the registration process on behalf of the entity, and acts as authorized user or person of contact to facilitate to follow up on the registration.
Reporting
By outsourcing the FATCA/CRS/DAC6 obligations of the FI to GCG Monaco, directors or trustees benefit from GCG Monaco's broad reporting capabilities and bring their entities into compliance at a lower cost and saving a considerable workload.
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DAC6
The 6th version of the Council of the European Union (EU) Directive on administrative cooperation in the field of taxation of the 25th of May 2018 (No. 2018/822), commonly referred to as DAC6, has been in force in the EU since the 25th of June 2018 and took effect from the 1st of July 2020. DAC6 provides an obligation for financial intermediaries, or taxpayers (where no financial intermediary is obliged to do so), to report potentially tax-aggressive cross-border arrangements to national tax administrations. Although the rules do not apply directly to Monegasque intermediaries, they may nevertheless be affected if they have cross-border activities or provide cross-border services to clients resident in an EU country. GCG Monaco can assist you in setting up processes to identify such arrangements, determine when (and if) reporting is required, define which intermediary will be responsible for reporting and carry out the reporting.
Data Potection
GCG Monaco offers to assist Monegasque entities in reviewing, implementing and updating their regulatory framework for data protection and their IT infrastructure, both in relation to security, transparency and portability.
GDPR
The GDPR support services are articulated around the following three axes:
- Legal framework
- Organisational framework
- IT infrastructure
CCIN
As for CCIN obligations, GCG Monaco also offers compliance services covering:
- Identification and diagnosis of data processing operations
- Determination of the nature of the declarations to be produced (simplified, ordinary or request for authorisation), production and updating of the declarations themselves
- Diagnosis of compliance with data transmission and security requirements
- Diagnosis of compliance with data storage and retention requirements
- Management of contacts with the CCIN
See full data privacy services description here
Trust our team and experience to help you meet these challenges!
