Documentation and Record Management is the most important but the most neglected in wealth management. Proper physical and electronic documentation and record management is very critical. Unfortunately, most investors are very poor administrators i.e. lack record keeping and documentation. Additionally, some documents are kept / available electronically, some physically and some at both places and could not be available at one place but scattered over various emails, drives, physical files located at multiple places. Documentation also helps in and provides a proof for complying with various laws, rules and regulations.
Compliances related to financial transactions and investments have been increasing and getting complicated every year and are now a part of our life. We educate our clients to make informed decisions and ensure that our investment advice is in compliance with various laws and requirements.
As a part of our Documentation and Compliance, we provide following services:
1. Documentation & Record Management
Our continuous guidance about documentation and record management help clients manage investments better so there the records are properly organized, known and available and there are no dormant accounts, no unclaimed deposits, investments or assets, and no transfer of funds to government and all the assets are transferred to the next generation smoothly and efficiently.
2. FEMA and Income Tax Act
Foreign Exchange Management Act (FEMA) is extremely important for anything related to foreign exchange as it regulates resident having any transaction with NRIs (loan, gift, property buy/sell, etc.) or in foreign currency (traveling / investing / sending money abroad, migrating out or returning, etc.) and an NRI doing any transactions in India. Only the taxation part of all these activities are regulated by the Income Tax Act. Our advice increases awareness about applicable laws, consequences of non-compliance and improves the quality of decisions that save taxes and bring peace of mind.
3. FATCA/ CRS & global Compliance
We ensure that our investment advice is in compliance with SEBI requirements as well as Income Tax Act and Foreign Exchange Management Act (FEMA) in India. We also guide clients how the reporting structure works in compliance with Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) in India and globally and help them to be in compliance with these applicable laws.
4. AML and Benami Transaction Guidance
As a SEBI RIA, we have to follow certain PMLA (Prevention of Money Laundering Act) procedures. We make our client understand the importance of Anti Money Laundering (AML) and warn them if any transaction they enter into could be considered as a Benami Transaction. We want all our clients to enter into only clean transactions to avoid any future complications with any of the government agencies.