About BNP Paribas
BNP Paribas (www.bnpparibas.com) is one of the best rated banks in the world*. The Group has a presence in more than 80 countries and more than 200,000 employees, including more than 160,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across the Europe-Mediterranean zone and boasts a large network in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia.
About BNP Paribas Securities Services:
BNP Paribas Securities Services is a wholly-owned subsidiary of the BNP Paribas Group, delivering flexibility and commitment, backed by the strength of a leading universal bank. Operating across the investment cycle, we provide post-trade administration solutions to buy-side and sell-side financial institutions and issuers. The Bank has a local presence across 32 countries and global coverage of over 100 markets, offering a one-stop shop for all asset classes, both onshore and offshore, across the globe. With USD 6,975 billion of assets under custody, USD 1,244 billion assets under administration and more than 6,600 funds administered as at 30 June 2011, BNP Paribas Securities Services is a top five global provider of securities services*.
* Source: BNP Paribas securities Services Globalcustody.net competitors' AuC tables.
Description:
The position includes the management of a small group of tax professionals responsible for NRA withholding and remittance, 1099 and 1042s tax reporting and reconciliation, development and management of system tax rules, allocation of withholding rates, special tax services (i.e. EDS elections and Tax reclaims), and projects designed to improve the US and global tax reporting/withholding capabilities of the custody system.
The candidate will be deeply involved in the definition, set-up, parameterization and testing of future IT solutions to be deployed for support of this activity, coupled with the staffing and training of resources.
The candidate will play a key role in the growth of the US Custody business line and the deployment of the Global Custody offering in the US and serve as a strategic contact and support role in the tax management for internal and external clients, regulators and auditors, exchanges and clearing houses along with third party vendors.
Responsibilities:
- Serve as a senior member of the team reporting to the Director of Custody Asset Services
- Management of a small but growing group of tax professionals along with assistance in daily operational processes
- Insure the ongoing development and maintenance of written supervisory procedures and adherence to all US regulations as related to the services offered, along with the adherence to internal bank and business line procedures and policies
- Develop and support internal controls to eliminate risk and operational losses. This includes various forms of reconciliation for tax remittance and EOY tax reporting.
- Manage product/project developments for US and Global tax functionality in the custody platform with an emphasis on FATCA requirements, reporting, and constraints in a highly international environment.
- Initiate change management to adapt solutions and resources to a rapidly evolving business including the management of and/or change to workflows to ensure efficient and timely processing.
- Act as subject matter expert on US Tax processing for the US Custody activity
- Identify/monitor and analyze information regarding relevant U.S. tax legislation as well as Internal Revenue Code and U.S. Treasury Regulation changes which impacts BNP Paribas and BNP Paribas' U.S. custody clients.
- Management of client communications relating to tax rate changes or tax regulations that have impact on information, documentation, reporting, and withholding to clients via the issuance of Market Updates/Newsletters
- Provide support and guidance to all internal tax-related areas (specifically to Account Managers and CA/Income department) with respect to complex tax related queries.
- Work closely with internal tax-related areas to ensure accurate and timely application of the U.S. and global tax legislation.
- Make available to clients up-to-date comprehensive U.S. tax information on the U.S. tax withholding and reporting (i.e. a U.S. tax guide including a description of BNP Paribas' services).
- Participate to market place Tax Committees (such as SIFMA) and ad hoc tax working groups to keep abreast of important tax issues.
- Require the assistance of BNP Paribas U.S. Tax Affairs Department as needed.
- Coordinate IRS and other regulatory tax audits in relation with BNP Paribas U.S. Tax Affairs Department.
- Deliver high quality of service to internal and external clients
- BA required, advanced degree considered a plus.
- Minimum 8-10 years financial industry experience with an emphasis on local and global custody and a minimum of 5 years managing tax for custody activity
- Proven ability to lead, mentor, train, manage and motivate staff.
- Strong knowledge of US security products as it relates to US taxation
- Good knowledge of asset set-up, corporate actions, income, mutual funds, cash processing, tax issues and reconciliations
- Significant understanding of global markets and taxation in order to develop, test, and maintain system tax rules for global custody
- Project Management background and overall IT knowledge is a plus.
- Self-motivation and demonstration of initiative
- Extremely detailed orientated
- Ability to develop and document processes and procedures
- Experience supporting new business/business growth and creating operational capacity
- Proven ability to manage multiple priorities while respecting tight deadlines
- Well developed written and verbal communication skills to represent the group at senior levels to internal and external clients
- Displays a keen sense of ownership, responsibility and accountability
- Excellent analytical skills and problem solving skills
- Proactive, motivated and willing to absorb new concepts
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