Independent Trust and Corporate Services Provider

Corporate Governance

TCSP Authorisation

Cafico International is authorised by the Department of Justice and Equality in Ireland to carry on the business of a Trust or Corporate Services Provider (TCSP) as defined by the Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010.

What is a TCSP?

TCSP means any person whose business it is to provide any of the following services:

  1. Forming companies or other bodies corporate.
  2. Acting as a director or secretary of a company under an arrangement with a person other than the company.
  3. Arranging for another person to act as a director or secretary of a company.
  4. Acting, or arranging for a person to act, as a partner of a partnership.
  5. Providing a registered office, business address, correspondence or administrative address or other related services for a body corporate or partnership.
  6. Acting, or arranging for another person to act, as a trustee of a trust.
  7. Acting, or arranging for another person to act, as a nominee shareholder for a person other than a company whose securities are listed on a regulated market.

As a TCSP our business falls to be monitored by the Anti-Money Laundering Compliance Unit of the Department of Justice and Equality in Ireland.

Anti Money Laundering

The Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 and 2013 (the “Acts”) impose obligations on a wide range of “designated persons” including credit and financial institutions, lawyers, accountants, estate agents, trust and company service providers (“TCSPs”), tax advisers, and others in relation to money laundering and terrorist financing.

Cafico International, as a TCSP authorised by the Department of Justice and Equality in Ireland, must comply with the relevant provisions of the Acts and as part of that obligation is required to carry out customer due diligence on existing and prospective clients to specified standards such that we can verify our customers’ identities and any beneficial owner and attend to on-going monitoring.

Accordingly, Cafico International has implemented specific internal Know-Your-Client (“KYC”) policies procedures and record keeping to ensure compliance with the Acts.

FATCA Compliance


The Foreign Account Tax Compliance Act (“FATCA”) is a U.S. law designed fundamentally to counter offshore tax avoidance by U.S. persons. FATCA will have significant impact across financial markets and will affect non-U.S. companies and individuals. It requires Foreign Financial Institutions (“FFIs”) to register with the Internal Revenue Service (“IRS”) and if applicable, report information on accounts held by U.S. persons and certain U.S. controlled foreign entities. Failure to comply will result in a 30% withholding tax penalty on certain U.S. sources of income or payments remitted by U.S. paying agents or other FIIs.

It is critical for Irish tax resident entities and Irish branches of foreign entities to determine whether or not they are classified as Reporting Irish Financial Institutions under Ireland’s Intergovernmental Agreement (“IGA”) with potential registration and reporting obligations.

The Foreign Account Tax Compliance Act (“FATCA”)

Ireland concluded an IGA with the United States in December 2012 to Improve International Tax Compliance and Implement FATCA. This Agreement provides for a bilateral and reciprocal exchange of information with the US in relation to accounts held in Irish financial institutions by US persons, and accounts held in US financial institutions by Irish residents. In order for this exchange of information to take place, Irish financial institutions must report to Revenue details of such accounts held by them.

Current status of FATCA obligations

FATCA came into effect on 1 July 2014, with due diligence required on new financial accounts from that date onwards. The first annual report to the Office of the Revenue Commissioners (“Revenue”) under FATCA, in relation to 2014, is due to be submitted by 30 June 2015. In addition, financial institutions are beginning to deal with the mandatory due diligence on financial accounts maintained at 30 June 2014 (“pre-existing accounts”). This due diligence must be completed by 30 June 2015 for high value individual accounts and by 30 June 2016 for all others.


The Agreement applies to all Irish Financial Institutions that maintain Financial Accounts, which are held by either a specified US person, or a passive entity with controlling persons that are specified US persons. Such accounts are regarded as reportable.

Further a reporting financial institution must report payments made by it to non-participating, i.e. non FATCA compliant, financial institutions.

Guidance Notes

On 1 October 2014, Irish Revenue published Guidance Notes on the Implementation of FATCA in Ireland. The notes are available at:

Key decision steps for Irish entities

  1. Determine if the entity is classified as a FFI under Ireland’s IGA.
  2. Determine if the entity qualifies for any registration and/or reporting exemptions.
  3. Register for a Global Intermediary Identification Number (“GIIN”) via the IRS portal.
  4. Undertake the necessary due diligence procedures to identify US Reportable Accounts.
  5. Prepare the applicable information to report to the Irish Revenue Commissioners.
  6. Consider the applicability of other countries IGAs or US FATCA Regulations to subsidiaries or branches located outside of Ireland.
  7. Consider the organisational impact of FATCA on the entity’s business, including its interactions with other service providers, the risk of the 30% FATCA withholding tax on US source income and the inclusion of FATCA language in legal agreements.


Registration under FATCA was to be completed in advance of 1 January 2015. Registration resulted in the allocation of a GIIN, which will be used in subsequent reporting.

Common Reporting Standard (“CRS”)

The Organisation of Economic Cooperation and Development (“OECD”) on 21 July 2014 released the Standard for Automatic Exchange of Financial Account Information in Tax Matters, including the Commentary on the Common Reporting Standard (“CRS”).

CRS seeks to establish the automatic exchange of tax information as the new global standard. The automatic exchange of information involves the systematic and periodic transmission of ‘bulk’ taxpayer information from the country which is the source of the payment to the taxpayer’s country of residence. The published Commentary is the OECD’s interpretative guidance on the CRS model.

Similar to the provisions of the Foreign Account Tax Compliance Act (“FATCA”) and the various intergovernmental agreements (“IGAs”) between the Internal Revenue Service (“IRS”) and partner governments around the world, CRS imposes obligations on financial institutions (“FIs”) across the financial services market to review and collect information in an effort to identify an account holder’s country of residence and then in turn, to provide certain specified account information to the home country’s tax administration. It is expected that FIs, such as banks, insurance companies and investment funds, in countries adopting CRS will be required to undertake the necessary due diligence obligations beginning in 2016 with reporting starting in 2017.

An early adopter group of over 40 jurisdictions, which included Ireland, announced publicly on 6 May 2014 their commitment to conclude a Competent Authority Agreement (“CAA”) with an effective date of 1 January 2016. Since May, an additional 25 adopters have joined and it is expected that there will be over 100 adopters in the near future.