05 | 10 years of Trans World Compliance
This special edition of The Compliance Pulse celebrates TWC's decade of compliance.
Eleven years ago, I was President of Truth Technologies, a provider of AML software. As part of my responsibilities, I would run an annual planning conference where we identified potential opportunities. Among the various up-and-coming regulations and technologies was the new Compliance Reporting for FATCA. Although I didn't have a chance to pursue this with Truth Technologies, I was able to do so through Trans World Compliance.
We discussed what I should do after leaving Truth Technologies while on vacation with my wife, Linda. I settled on one more start-up, Trans World Compliance, to initially provide FATCA and then CRS software to financial institutions. For whatever reason, I thought of Trans World Airlines, which had been purchased in 2001 by American Airlines. I changed "Airlines" to "Compliance" and "borrowed" their logo, and the "A" changed to "C."
TWC's logo evolution
We started with one IT person and one salesperson. The initial years were hectic demos and rewrites to get it right. Since we had developed IRS connectivity to submit FATCA from non-IGA and IGA Model 2 countries, it was a logical extension to create a version for Model 1 tax authorities to collect and exchange data with the IRS.
After a brief detour to support UK FATCA, which has since been retired with HMRC joining the OECD/G20's Common Reporting Standard, TWC developed support for CRS for Financial Institutions. We quickly added support for Tax Authorities to collect and exchange CRS data via the OECD's Common Transmission System (CTS).
As we gained customers, we found that the requirements for various country portals differed significantly. The Common Reporting System was not so common. We continued to expand our support for additional jurisdictions for both FATCA and CRS while expanding our Tax Authority offerings to include additional Base Erosion and Profit Shifting modules of CbC, ETR, and MDR.
In February 2022, the OECD released CRS 2.0, which expanded the CTS data exchange portal to 25 different data types. We are expanding support for new countries to complete our coverage of all CRS 2.0 data types.
I'm filled with profound gratitude for every person who has been a part of this remarkable story. From the humble beginnings of just a few individuals with a vision to the bustling team of 24 across ten countries that we are today, our growth and success are a testament to the dedication, perseverance, and passion of each member of TWC.
Here's to the past ten years of incredible achievements and many more years of success, growth, and making a positive impact together. Thank you for being a part of the TWC family.
Dave Olenzak
President and Founder
Our favorite memories
As we celebrate our 10th anniversary at Trans World Compliance, we reflect on the journey that brought us here. Among our team of dedicated professionals, some favorite memories stand out.
"Oh... In my country, once there were electricity problems, I didn't have electricity in my house, and therefore there was no internet. So once, I served a client from Bolivia on a highway far from my house because I could get an internet signal from there. The nice thing was that when serving the same client the following year, she remembered that moment," Edgar Tovar, Venezuela.
"Back in 2018, I was in a meeting with a client. Here in Florida, we had a tropical storm, and I told him that, just in case. Then there was a big thunder –a big boom– which the client heard, and the electricity turned off. Lightning had struck two palm trees in my backyard, and they were on fire, which the rain put out after a few minutes. The next day, I called the client back to explain the situation, and until today, the client still remembers and can laugh about it...," Eugenie Meijer, United States.
"My favorite memory is Nicolás's patience when he explains CRS and FATCA to me. Also, it was great meeting Eugenie in Amsterdam when we participated in the STEP Conference," Daniela Peña, Spain.
"Since we always work remotely, a fun memory was meeting a colleague in person for the first time after almost three years. It was Eugenie in Amsterdam," Nicolás Londoño, Spain.
"The kindest memory I have is of how warm and welcoming everyone was when I joined," Cristian Schmidt, Italy.
"My favorite memory was during the pandemic. There was a colleague, Julio, who is no longer at TWC. We both had small kids (all day at home as schools were closed), and they were going crazy with their tricks and tantrums. We used to share our parental advice to survive," Victoria Maluje, Chile.
"After a lot of testing for the CRSFATCA 10.1.0 Version, we were able to release a version without issues in the DB," Eliana Peña, Argentina.
"Working with TWC is a great memory in the making. Of course, closing a sale is an even better memory," Arief Rafeeq, Trinidad and Tobago.
"Every time we are at a conference or event, it is my favorite memory because I have the chance to meet in person with one or some of my colleagues whom I virtually talk to almost daily," Daniel Farías, Chile.
"I love it when Genie comes to visit, and I also liked that time when we all got together on the call to get to know each other," Sibyla Schönherr, Chile.
"I was so happy to assist to an event. I went to ACAMS Orlando with Arief, and it was so nice to meet the first person (in person) from TWC," Valentina Arbeláez, Puerto Rico.
"After working at TWC for almost four years, I still hadn't met any of my colleagues in person, so my favourite memory is of the STEP Conference in Bogotá last year when I finally met Dani Farías in 3D. We hugged as if we had worked together, side by side, since the first day. It was fun showing him around my city," Sara Cely, Colombia.
Our team
Every challenge we've faced, and obstacle we've overcome has only strengthened our resolve and deepened our commitment to our mission.
But beyond the numbers and achievements, what truly sets TWC apart is the people who make up our organization. From our talented IT, Sales, and Marketing teams to our dedicated Support staff and visionary leadership, each individual brings unique skills, perspectives, and contributions to the table, shaping our company's fabric and driving us toward continued success.
To all of our team members, past and present, we want to express our gratitude for your unwavering dedication, hard work, and belief in TWC's vision. Because of you, we stand here today, celebrating a decade of accomplishments and looking ahead to an exciting future filled with endless possibilities.
A special thanks to Linda Brennan.
To our partners and clients
We sincerely appreciate your crucial role in our decade of innovation and growth at Trans World Compliance. Your unwavering support and collaborative spirit have shaped our success and drove us towards excellence. From navigating complex regulations to pioneering groundbreaking solutions, our partnership is defined by a shared vision, mutual respect, and a relentless pursuit of greatness. Your trust in our capabilities and dedication to our shared goals inspire us to push boundaries, challenge conventions and continually raise the bar. Reflecting on our shared milestones, we are deeply grateful for the privilege of working alongside esteemed partners and clients like you.
Thank you for your ongoing support, partnership, and belief in our mission.
B. Roxanne Forde GCS Advisory Foodman CPAs and Advisors Juan Daniel Parra Palencia GRMCT Link SmartSoft SILO Compliance Systems
A final thought
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 regulatory technology.
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