If you are interested in this candidate, please contact Richard Lalchan via email rlalchan@cerfinancial.co.uk or call on 0207 626 6065.

00014410

Interview Notes:

• 15 years’ experience in working within Taxation Middle office for various Financial Institutions and Global Custodians
• Extensive Global Withholding Tax knowledge gained from a Global Custody background across EEMEA, APAC and US markets
• Asset Management experience including Investment operations
• Understanding of standards, methodologies, processes, systems, and technology necessary to support investment management operations
• Tax Reclamations, Tax Conversions / Tax remediation projects.
• Tax Compliance including FATCA, OECD and Finnish Authorised Intermediary and inhouse tax project work.
• Current Salary £65k
• Available immediately

EDUCATION:

4 ‘O’ Levels: including English Language and Literature

BTEC National Diploma in Business Studies

TECHNICAL SKILLS:

CASS, FundMaster, TRAMS, Tax Manager, Milvus, Astrid, RIMS, Swift, Intellimatch, TLM Connect (Smartstream) , EUCLID Crest GUI, POSTS, Bloomberg, Reuters, CAMS, CATS, Fidessa, Horizon, Class Custody, Global 1, Smartstream, Mint, and also have experience on the following universal software: Microsoft: Windows, Excel, Outlook, Word & Internet Explorer

CAREER HISTORY:

September 2022 to present

Investment Management Company

Tax Officer Global Process Delivery Tax Services

• Track progress with Tax Table Review and Re-structuring. Work with offshore teams to ensure all required detail and data is being received in a timely manner for client onboarding and conversion.
• To provide support to both the Client Relationship Managers and Investment Operations Teams and project teams in tracking and overseeing maintenance of Tax rates within all applicable systems and resolving client queries. Interaction with clients and other external internal SSC parties in creating and pro-actively maintaining tax rates and identifying issues as well as managing resolutions and communicating to the client where applicable.
• Provide guidance and support in acting as a resource to assist team members from multiple operational areas for both onshore and offshore locations who are responsible for ensuring the database within Enterprise systems are maintained accurately and within required timeframes to allow the business to use effectively.
• Adhoc client tax remediation of tax tables and review and resolution on monthly tax breaks

November 2018 to March 2022

International Bank

Senior Tax Analyst Tax Support – Fixed Term Contract

• The implementation of tax related change using knowledge of tax principles for all global markets. Complete analysis of tax market changes to determine the impact on I&TS and clients in relation to Relief at Source under DTT and tax reclaim process
• Ensure all market changes are operationalised through policy procedures or IT changes. Provide support and expertise in an advisory capacity to support implementation of change projects impacting the tax area. Provide expertise in the field of Relief at Source under DTT and Tax reclaims as required in client service and client initiated due diligence audit. And Senior operational face to clients, market regulators and Local Tax Authorities with regards regulatory tax compliance and governance.
• Use SME knowledge in the area of withholding tax principals across global markets including updating internal tax tables for standard rate or DTT change, and senior operational facing to clients, market regulators, and local Tax Authorities with regards to Regulatory Tax Compliance and Governance.
• Tax related projects involving change in Sub Custodians and internal migrations due to decommissioning of internal system, and Finnish Annual Information Reporting for Authorised Intermediaries.
• Reason for leaving – Project goals achieved

June 2015 to September 2018

Wealth Management Company

Senior Tax Analyst – Contract – Business Analyst Project T2S

• Work on T2S pre-migration for Investor CSD Model and review of Tax gap analysis within Global Services Industry and Capabilities team identifying market nuances and to plan task timelines for resolutions – including bi-lateral and tri-lateral communications and workshops with internal Business teams and external parties.
• Responsible for providing comprehensive, in-depth consulting to the Corporation and the business units on tax withholding, tax information reporting, and related client documentation requirements associated with the provision of banking, asset servicing and fund administration services in local and / or multiple jurisdictions. Provide guidance on emerging regulatory tax requirements and tax compliance issues.
• Oversee the migration of tax activities and documentation as a result of changes in the account structure due to regulatory environment changes.
• The role involved engaging with Northern Trust Sub Custodians as well as internal Northern Trust project team to ensure a comprehensive analysis of requirements is completed. Projects work included UCITS and AIFMD transition, T2S implementation.
• Reason for leaving – T2S programme for migration postponed

April 2014 to March 2015

Senior Tax Operations and US Tax Technical Specialist – Contract

• System data analysis with application of US tax knowledge to facilitate IRS payable. Reconciliation of tax accounts and managing nostro / ledger transactions. Calculation and update of Client allocations and tax documentation into Income and Tax systems including blended rates and checking Tax documentation and withholding statements received.
• Ensuring all US Tax documentation has been obtained and processed for clients including new account opening requests received from Prime Brokerage and Stock Lending desk.
• The preparation of Undocumented clients report for Barclays entities calculating the US risk to the Company with undocumented clients.
• Providing relevant tax documentation to Agents and Counterpartys. Provide system and process enhancements regarding QI, QSL and FATCA regulations.
• Investigation of tax queries and inquiries received from both external and internal sources.
• Obtaining and validating tax documentation to assign a FATCA classification. Record FATCA status in the Barclays in house application.
• Reason for leaving – FATCA programme contract completed

March 2010 to 31 Dec 2013

UK Bank

Senior Tax Services Analyst / FATCA – Contract

• Sole responsibility for tax reclaims process for all Global Equity markets.
• ADR’s: internal and external reconciliation with International Dividends, Corporate Actions and Agent Banks.
• Preparation of Tax reclamation forms for submission to Tax Authorities, Agent Banks
• Liaise with Tax Authorities, Agent Banks and counterparties to resolve any breaks and queries. And outstanding Tax reclaims that have passed statutory date.
• Receipt of Tax reclamations via in house systems and closure of tax reclaim files. Assisting in the Year end CASS tax reclamation tick back ensuring correct tax status has been applied cross referencing physical file to system generated tax reclamation and collating all tax reclamations for upload into new Tax Manager system.
• Monthly reviews and validation of high value Primary charge, Reverse charge and Tax Credit postings.
• Assist with SX1 reporting.
• Produce monthly MIS for Senior Management meetings.
• Preparation of tax documentation procedures including templates for completing tax reclaim forms, Power of Attorney and ad-hoc forms as per market requirements.
• Foreign Account Taxation Compliance Act (FATCA) programme.
• Translation of regulations issued by the IRS, collating information on FFI and Intergovernmental Agreements and identifying any jurisdictional conflicts that may cause non compliance and effect the business.
• Working in collaboration with Strategy & Architecture Business Services to produce a heat map of Jurisdictional Risk Analysis in respect to client information on US sourced income for on boarding purposes
• Cross referencing business requirement Documents for COB against proposed regulations. Confirm that KYC and Customer Due Diligence had been covered. Reference with IRS, compare new W-8Bene and W8IMY forms to incorporate FATCA classification.
• Assist US Tax SME with all duties to include:
• Preparation and US payment reconciliation work required for the completion of US 1042-s / 1099 reporting (HMRC section 18 and European Savings Directive (ESD) reporting requirements)
• Monitor on a monthly basis any new accounts opened in cross border markets to ensure all accounts are documented in line with service level offerings. Ad hoc project work.
• Managed and executed extensive review of RAS documentation in place with RBS global upstream agents.
• Requesting and distributing COR’s for both RBS UK and Dutch entities. Handling and completing market specific documentation including but not limited to W8 / F5000-EN / CBDIV, Italian form 1 / Portuguese MOD21. Notarised / Apostille documentation. Detailed logs and audit trails and agents contact lists created. Remediation of any discrepancies found and escalation to appropriate persons if required.
• Reason for leaving – Contract goals achieved.
• RBS Project work.
• Test Analysis of new CASS system identifying BAU tax processing issues and raising JIRA queries providing screen prints to assist M&IB IT Support and to provide constructive resolutions where required.
• Liaising with Network Management on Account set ups and closures within M&IB confirming the business activity of the Account for example Proprietary, Collateral, Fixed Income to determine what tax documents are required to be completed to ensure the correct tax treaty rate is applied.
• Liaise with Agent Banks and Financial Institutions in relation to market changes in Tax rules and procedures.
• Resourcing and passing recommendations for the improvement of MOD and Appendix C issuance and reporting procedures with GBM India
• Reason for leaving – Contract goals achieved.

June 2009 to March 2010

Investment Management

Senior Dividend Analyst – Contract

• The investigation and reconciliation of profit and loss related to stock borrow / loan positions for all currencies pre 2009, including written documentation on all items over $ 250 for presentation to front office for authorisation.
• Reconciliation of adjustments made on Dividend profit and loss. Passing of relevant profit and loss adjustments and subsequent closure of dividend cards in Son Of.
• Reason for leaving – Temporary project completed

August 2008 to June 2009

UK Bank

Senior Income Analyst - Contract

• The collection verification and processing of income related entitlements for high profile client portfolios.
• Dealing with queries promptly and efficiently following strict procedures minimising risk and providing excellent client service and reporting both internal and external.
• Reason for leaving – Temporary contract expired due to migration.

November 2007 – to July 2008

International Bank

Dividend Controller Equity Derivatives - Contract / Permanent

• Daily reconciliation completed between Front and Back Office systems for Dividend data, ledger and external source data.
• The investigation and resolution of breaks identified in above process through liaison with the Corporate Actions Department, Front Office and Product Control. Ad-hoc project work relating to the Securities Finance business specifically the dividend process.
• Cover for Securities Finance Daily P&L process.
• Reason for leaving – Function migrated back to Frankfurt.

January 2006 to November 2007

Investment Bank

Senior Dividend Analyst - Permanent

Stock Loan dividend processing and reconciliation of global custody income events; pertaining to equity products, in global markets. Applying qualified intermediary tax regulations where applicable.

• Pass relevant adjustments for stock loan borrow and tax rates for Prime charge clients while ensuring accurate accounting for Agent depot compensations and pending claims from / to counterparties.
• Reconciliation and processing of stock loan income positions for all markets applying UK
• Manufactured overseas dividend regulations to LBIE business and relevant documentation – Appendix C’s with working knowledge of MOD regulations.
• Proactive issuing of high monetary value claims against counterparties. The investigation and clearance of cash account breaks.
• The Calculation and reporting of: Sector Swaps for Front office using Excel and Bloomberg. Whilst carrying out this role I have become more interested in the benefits that can be gained from enhancing systems to obtain efficiencies of processes and procedures.
• For each of my responsibilities I would regularly suggest changes to procedures and system enhancements to introduce improvements in a co-ordinated manner
• Reason for leaving - Further career in Investment Banking and learn different aspects of Dividends and P&L reporting procedures.

February 2005 – January 2006

International Bank

Payables / Receivables Stock Loan Dividends / UK Exceptions – Contract

• The payment and receipt of funds for designated clients for all currencies based on stock loan / borrow positions via Swift MT 202, 599.
• Acting upon discrepancies with stock loan /borrow rates positions - liaising with traders Exceptions team and counterparties to resolve
• Account reconciliation and processing of UK securities via CREST GUI.
• Funding of payments over £250,000. Nostro reconciliation and matching items within Smartstream
• This role included changing some of the processes and procedures to gain efficiencies in a high pressure environment.
• Reason for leaving – Project coming to an end

February 1999 to December 2004

Investment Bank

Senior UK and International Dividends Clerk - Contract / Permanent

• Reconciliation and setting up positions for International and UK securities including residual stocks and ADR / GDRs.
• Passing of Internal Profit & Loss to trading books – resolution of subsequent queries internal and external. Liaising with Agent Banks , clients , counterparties and traders.
• Reconciliation and clearance of Nostro items and internal matching.
• Production of daily Euroclear feeds for processing
• Production of weekly report to Senior Management for items over £ 75,000.
• Application and issuing of appropriate tax documentation – Appendix C, MOD 2, and understanding of counterparty status AUKI, AUKCA, OSCA, MOD 2.
• Markets covered – UK, Australasia, Europe, South East Asia and American ADR’s and GDR’s
• Reason for leaving – Redundancy

May 1998 to January 1999

International Bank

Senior Technical Officer – Permanent

• Duties included validation of trades entered into the system.
• FX confirmations, stock reconciliation of positions held by our custodians.
• Monitoring of corporate and dividend events.
• Reason for leaving – Pursue a new senior role with Dresdner.
• RBS Trust Bank Limited – (formerly S G Warburg )
• July 1995 to May 1998 – Data capture / Senior Foreign and UK Taxation Clerk - Permanent
• Duties included preparation & submission of UK & Foreign tax reclaims for clients. Chasing relevant Inland Revenue offices & overseas tax authorities for outstanding reclaims not refunded within time.
• Reason for leaving – Pursue a more senior role within taxation.

July 1995 to May 1998 – Data capture / Senior Foreign and UK Taxation Clerk

Permanent

International Bank

Duties included preparation & submission of UK & Foreign tax reclaims for clients. Chasing relevant Inland Revenue offices & overseas tax authorities for outstanding reclaims not refunded within time.

Reason for leaving – Pursue a more senior role within taxation.

June 1991 – September 1993

International Bank

Senior Dividend and Taxation Clerk – Permanent

• Duties included processing of UK / International Dividends and relevant tax reclamations
• Reason for leaving – Pursue an ambition to travel throughout Australia and Asia

September 1987 – June 1991

UK Bank

Permanent

• Positions held included Assistant Administration Clerk, Sterling Settlements Clerk
• and Dividends Clerk
• Reason for leaving - To further my career outside the Clearing Bank environment.

If you are interested in this candidate, please contact Richard Lalchan via email rlalchan@cerfinancial.co.uk or call on 0207 626 6065.

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