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Responsible Officer and Corporate Governance

The FATCA Advisor will also work to assist the Responsible Officer pursuant to the Final Regulations that he receives the required information to fulfill his responsibility to certify compliance with the FFI Agreement.

The FATCA Advisor will work with senior level management at your financial institution to make sure that the work is complete and to make a reasonable effort to assist account holders with FATCA compliance. The internal audit team of the FFI should play a significant role in the process providing underlying assurance to the responsible officer making the certifications.

Development of a strong corporate governance structure is of utmost importance in complying with a new, still-changing implementation process. Because of the breadth of FATCA, the New York FATCA task force should be comprised of members of the legal, compliance and operations teams as well as business line professionals and the responsible officer. Furthermore, the policies and procedures updated or created for FATCA compliance should be reviewed and approved by the compliance and corporate governance teams, and ongoing testing of adherence to those policies and procedures will be necessary. Compliance requires a strong "tone from the top" and that begins with corporate governance.