Description of the business line or department
KH Operations comprises of the following areas –
Banking Operations - Banking and Treasury Operations (including digital solutions, Client Reporting, Scanning and Archiving
Securities Operations – Settlements, Corporate Actions, Transfers, Custody and Custodian oversight, Stock Data Management.
Middle Office – Private Banking and Investment controls and reporting (including CASS and other regulatory reporting)
CDD/AML Client On-boarding and periodic reviews
Operational Tax team
Relationship Management and oversight of 3rd Party Suppliers where Operations is the lead stakeholder
Core system custodian – re-certifications, User Acceptance Testing and Subject Matter Expertise
Operational Projects, End to End Process continual improvements
The primary focus of this role is to work closely with the Securities Operations team to manage the day-to-day operational requirements for client and regulatory tax. This involves collaboration with the bank’s primary departments including Treasury, Banking Operations and Client Services, ensuring best practice with regards to controlling and mitigating operational risk over a wide range of withholding and transactional taxes generated by trading activities.
Client and regulatory tax reporting include, but is not limited to, US Qualified Intermediary (QI), US FATCA, Common Reporting Standards (CRS), any other current or future automatic exchange of information (AEOI) and all associated client reporting. A good working knowledge of these areas is essential.
A basic knowledge of securities operations across various asset types and markets is required, plus experience of working with counterparties such as brokers, custodians, fund managers, transfer agents, data providers, depositaries and their respective online systems.
The ideal candidate will be self-motivated to provide consistently strong standards, keen to identify and resolve issues, challenge existing procedures and controls whilst working with cross-functional teams to implement operational improvements. He or she will also be able to analyse the operational tax impact of regulatory changes and new business proposals with a view to planning and implementing any necessary changes.
Manage all UK and CI tax operational activities dealing with any queries, issues or complaints in a prompt professional manner to minimise operational, reputational and financial risk
Ensure appropriate regulatory controls are in place to comply with relevant tax and AEOI legislation, regulations and guidelines to eliminate any possible risk of an audit finding
Ensure all relevant US stock holders are fully documented with an appropriate IRS tax form (W8s, W9s), and maintain appropriate withholding reporting (1099, 1042s)
Make sure individual, corporate and trust classifications are complete and in place on systems (FATCA, CRS) and work with the Front Office to obtain self-certifications and updated records
Reconcile downloaded custodian and agent tax reports to internal company reports and resolve any differences
Verify any client changes of address, US reportable stock purchases or any stocks that have changed to US reportable
Maintain accurate tax reporting in line with deadlines, particularly for regulatory reporting and EOY client tax packs
Take responsibility for the continuous improvement and documentation of our QI compliance program including procedures, training and systems to comply with the US requirements
Plan for and manage all external compliance reviews with auditors or other third parties as necessary, analyse results and implement changes or remediation as advised
Monitor and review tax policy or regulatory changes that impact current tax processing and communicate the operational tax implications to key stakeholders
Contribute constructively to the development of the Securities Operations Department by suggesting ideas for improving efficiency or process quality.
Ensuring that the Operational Tax Team is fully supporting reporting standards and Tax authorities’ requirements.
Identify risks, suggest mitigations, and track reporting status including all risks related to each Tax program
Develop and maintain strong working relationships at all levels of the organization in order to navigate through the tax requirements.
Establish proactive partnerships with other key stakeholders, including, but not exclusively Compliance, Group Tax team, Front Office and IT to support service and tax development/remediation/reporting initiatives.
Cultivate appropriate engagement of Operational Tax Team, provide information and training/knowledge sharing (back to school sessions, mentoring)