U.S. Bureau of Economic Analysis Reporting Obligations for Factoring Companies

Webinar | July 13, 2016

Porzio Compliance Services (PorzioCS), in conjunction with the International Factoring Association, will conduct a webinar on the topic of "U.S. Bureau of Economic Analysis Reporting Obligations for Factoring Companies" on July 13, 2016 at 4:00 PM EDT.

U.S. factoring companies that are 10% or more non-U.S. owned, own 10% or more of a foreign business, and/or transact with foreign parties may be subject to mandatory reporting obligations imposed by the U.S. Department of Commerce's Bureau of Economic Analysis (BEA). Cross-border business ownership may be direct or indirect through intermediate entities to trigger reporting obligations. 

Assessment of compliance obligations and the corresponding data collection can be time consuming and burdensome; the BEA itself estimates that certain mandatory filings can take up to several hundred hours to complete. Failure to comply with Federal BEA regulations can result in significant civil and criminal penalties. However, a systematized approach to BEA compliance can alleviate much of the business burden and avoid the risk of noncompliance. 

This webinar provides an overview of potential BEA reporting obligations for factoring companies, insight into the type of data required, and practical tips for processes by which these reporting obligations can be identified, simplified and met. 

To learn more about the webinar and to register, please click here.