Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. We are committed to attracting and retaining top talent across the globe to ensure our continued success. Along with taking care of our customers, we want to be the best place for people to work and aim at creating a work environment where all employees have the opportunity to achieve their goals.
We are a part of the Global Business Services which delivers technology and operations capabilities to Bank of America lines of business (LOB) and enterprise functions.
Our employees help our customers and clients at every stage of their financial lives, helping them connect to what matters most. This purpose defines and unites us. Every day, we are focused on delivering value, convenience, expertise and innovation for individuals, businesses and institutional investors we serve worldwide.
* BA Continuum is a non-bank subsidiary of Bank of America, part of Global Business Services in the bank.
The Foreign Account Tax Compliance Act, better known as FATCA, was passed in 2010 as part of the HIRE act. Starting July 1, 2014 foreign financial institutions (FFI) will be required by the US government, under FATCA, to report information regarding accounts of all US citizens (living in the US and abroad), US "persons," green card holders and individuals holding certain US investments to the IRS. This law requires foreign financial institutions such as local banks, stock brokers, hedge funds, insurance companies, trusts, etc. - to report directly to the IRS all their clients who are "US persons.” FFIs that do not become compliant will be subject to a 30% withholding on their US investments when they are cashed in, which will directly impact FFI clients with US holdings. The legislative intent of FATCA is to ensure there is no gap in the ability of the U.S. government to determine the ownership of U.S. assets in foreign accounts.
The GBAM Tax Services team responsible for validation of tax forms & other tax related documents for Bank of America clients spread over all business lines across regions. The team will be responsible for the oversight and compliance with IRS tax rules and intergovernmental agreements including FATCA. As a member of the team, the individual will specialize in the engagement with clients to solicit, collect and review regulatory and tax documentation and information in order to meet the requirements of the Foreign Account Tax Compliance Act (FATCA).
GBAM Tax Services team is responsible for providing comprehensive analysis to the bank and the business units on the tax withholding, tax information reporting, and related client documentation requirements associated with the provision of banking, asset servicing and fund administration services in multiple jurisdictions.
The associates joining the team are expected to build and maintain a comprehensive knowledge of all internal systems related to Tax Onboarding, Client Onboarding, and Reviews. Associates are expected to assist in change requirements for policies and procedures relating to FATCA & also run & monitor BAU queues to reduce potential tax risk/withholding.
Shift Timings : Should be flexible to work in EMEA/US shifts
Travel should be flexible to travel per business needs within sister sites in India for short to mid term
Job Location: Gurugram
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