03 | A year in compliance

Edition number 3, and the last one of the year! This time, we reflect on what this last year has meant for Trans World Compliance.

03 | A year in compliance

As we reflect on the incredible journey that Trans World Compliance has embarked on, we can't help but be filled with pride and gratitude. The year 2023 has been transformative for us, marked by significant milestones, groundbreaking achievements, and unforgettable memories.  

One of the most remarkable aspects of our journey through 2023 has been our unwavering commitment to compliance. In an ever-evolving regulatory landscape, we have continued to prioritize and uphold the highest standards of ethical conduct and legal compliance. Our dedicated team of experts has worked tirelessly to ensure our clients receive the most up-to-date information and guidance, enabling them to navigate complex compliance challenges confidently.  

2023 has also been a year of growth for Trans World Compliance. We have expanded our global presence, forging strategic partnerships and collaborations that have strengthened our capabilities and widened our reach. With a diverse and talented team, we have successfully catered to the unique compliance needs of clients across industries and geographies. Our client-centric approach has garnered us trust and resulted in long-lasting relationships built on mutual success and shared values.    

However, it is not just the professional achievements that make our memories of 2023 so special. It is the people who have made this journey genuinely remarkable. Our team members, with their unwavering dedication and passion, have fueled our growth and success. Their commitment to excellence, collaboration, and innovation has been the driving force behind our achievements.    

As we bid farewell to 2023, we carry with us a profound gratitude for the memories we have created. We look forward to the future with optimism, knowing that our journey toward excellence in compliance will continue to evolve and inspire. Trans World Compliance's memories through 2023 are a testament to our past achievements and a catalyst for the boundless possibilities that lie ahead.  

Trans World Compliance

TWC's Spotlight


Podcast| Marketing and Compliance with Valentina Arbeláez  

In the fast-paced world of financial services, marketing and compliance teams play crucial roles and often work closely together in organizations for a company's success.   

However, with the ever-evolving regulatory landscape and the need to remain competitive in a crowded marketplace, the tension between these departments has become increasingly apparent.

Listen to the episode in Spanish here.

103_EN_P_Marketing and Compliance


Industry News

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1. HR Treasury updates its list of high-risk third countries  

HR Treasury has issued an important Advisory Notice concerning the risks associated with jurisdictions having inadequate controls against money laundering and terrorist financing. It includes a list of high-risk third countries where enhanced customer due diligence must be applied by the UK regulated sector. 

The following jurisdictions will be included in Schedule 3ZA of the MLRs: 

Barbados, Bulgaria, Burkina Faso, Cameroon, Croatia, Gibraltar, Haiti, Jamaica, Mozambique, Nigeria, Philippines, Senegal, South Africa, Tanzania, Turkey, Uganda, United Arab Emirates, and Vietnam. 

These jurisdictions are also in the list and were subject to financial sanctions measures at the time of publication of the notice which require firms to take additional measures: 

Democratic People's Republic of Korea, Democratic Republic of the Congo, Iran, Mali, Myanmar, South Sudan, Syria, and Yemen. 

For more information and to read the full Advisory Notice click here. .


2. Switzerland switches to a FATCA Model 1 Agreement 

Switzerland and the US signed a Model 2 agreement in June 2014. However, Switzerland had expressed interest in a Model 1 agreement, and the draft mandate for negotiations with the US was approved by the Swiss Federal Council in 2014.  

The Swiss State Secretariat for International Finance announced that negotiations ended on November 13, 2023, and signing preparations are underway. The new IGA authorizes the US IRS to provide Switzerland with account information under Model 1. 

Read more about it here.


Upcoming Events

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As we bid farewell to another year, we want to extend you our heartfelt appreciation. Your trust in Trans World Compliance for your CRS, FATCA, and/or CbC compliance requirements means the world to us.  

This holiday season we want to wish you a joyous and peaceful time with your loved ones. Please note that we will be taking a short break from Saturday, December 16, 2023, to Sunday, January 7, 2024. 

Happy Holidays from the TWC team! 


A final thought

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At TWC, we are committed to helping you navigate the ever-changing landscape of compliance and regulations. Whether you have questions, require assistance, or seek innovative solutions, we support you.  

Don't hesitate to Contact Us for all your compliance needs. Our team of experts is ready to assist you.  

Thank you for being a part of our compliance community. Together, we can stay fully compliant and drive excellence in the world of regulatory technology. 

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