We are looking for

Assistant Vice President - Qualified Intermediary Information Reporting and Tax Withholding Compliance

Apply REF: COR002060

About BNP Paribas

BNP Paribas is a leading bank in Europe with an international reach across the US, EMEA and APAC.  It has a presence in 68 countries, with more than 193,000 employees.  The Bank offers a comprehensive range of banking, investment, and financial services solutions through two core businesses:  Corporate & Institutional Banking and Retail Banking & Services (comprised of Domestic Markets and International Financial Services).

In the United States, BNP Paribas has built a strong and diversified presence to support its client base.  The bank employs nearly 14,000 people and has had a presence in the country since the late 1800s in major cities including New York, Chicago, and San Francisco. 

BNP Paribas’ Corporate & Institutional Banking services corporate clients and institutional investors offering tailored solutions in financing, cash management, and advisory services to companies via Corporate Banking, in capital markets via Global Markets, and in securities custody and administration via Securities Services.

BNP Paribas Asset Management is the asset management arm of BNP Paribas, one of the world’s foremost financial institutions, and offers high value-added solutions to individual savers, companies, and institutional investors. 

Bank of the West, our retail banking and services affiliate, serves more than 2 million individuals and small and medium sized businesses through a network of around 500 branches and business centers across the U.S.

We take pride in our expertise and our ability to adapt while constantly looking ahead to create a more sustainable world.

BNP Paribas:  The Bank for a Changing World

Business Overview:

The ITO Tax Operations Group is responsible for establishing operational procedures and controls to comply with IRS regulations regarding US information reporting (i.e. 1099 and 1042S reporting). Tax Operations is responsible for maintaining tax documentation (i.e. W-8's and W-9's), withholding and remitting taxes to the IRS, and generating 1099 and 1042s reporting to clients and the IRS. The group collaborates with US Corporate Tax to assess the impact of new tax legislation and requirements, and engages with cross-functional resources to develop plans to respond and/or comply with new regulations. To the extent a new business process is required, Tax Operations develops business requirements and ensures local IT and operational procedures are enhanced to support new regulations. In addition, Tax Operations supports cost basis, transfer reporting and corporate action events by managing client data in the GENEVA portfolio accounting system.

Candidate Success Factors:

Candidates will be measured on the following four performance drivers which will dictate how individual impact is considered on the American platform:

  • Results and Impact
  • Leadership and Collaboration
  • Client, Customer, and Stakeholder Focus
  • Compliance Culture and Conduct

Qualified Intermediary responsibilities include:

  • Provide training for existing and pending IRS tax code requirements and regulations, and to assist with the development of QI operational procedures required to comply with the IRS tax code
  • Daily management of QI dedicated tax email box in order to assist with inquiries or provide problem resolution assistance with any incoming inquiries for internal BNP Paribas QI branches
  • Assist with weekly QI and QDD tax remittance to the IRS using the IRS EFTPS system and internal BNP Paribas systems
  • Perform periodic reconciliations of QI tax remittance to the IRS against IRS 945 and 1042 deposit transcripts
  • Assist BNP Paribas QI branches located in EMEA and APAC with issuing annual original 1099 and 1042-S reporting
  • Coordinate with all BNP Paribas QI branches, and coordinate with third party vendors to issue amended 1099 and 1042-S reporting within IRS mandated timelines
  • Coordinate the submission of all QI branch 945 and 1042 recon files, and ability to scrutinize all reconciliation data submitted in order to identify any reconciliation and information reporting errors in advance of the pending 945 and 1042 deadlines
  • Prepare and file all original QI Form 945 and 1042 tax returns with the IRS by IRS mandated (or extended) submission deadlines
  • Coordinate regular check-ins with QI branch population to identify any needs to file amended Forms 945 and 1042-S with the IRS during the 3 year statute of limitations
  • Serve as the initial point of contact with respect to BNP Paribas QI IRS penalty notices (IRS 972-CG, IRS CP-2100 & IRS CP-2100A, as well as civil penalty notifications) and correspondence, providing findings and evidence to support all communication with the IRS.  Additional requirements related to this task involve providing guidance and feedback to QI branches regarding how to manage client activities and procedures in order to minimize future IRS penalty risk.
  • Ensure compliance with terms of service outlined in the framework of pre-existing QI dedicated SLAs
  • Track monthly KPIs to assist with the monthly billing of services provided to BNP Paribas QI branches under the framework of pre-existing service level agreements
  • Ensure the following are saved to the internal QI dedicated Sharepoint site for QI branches and stakeholders for future access: Form 1099 PDF files; Form 1042-S PDF files; Form 945; Form 1042-S; IRS civil penalty notices and correspondence (incoming notices as well as outgoing responses); evidence of controls performed associated with tasks managed on behalf of QI branches
  • Support any global BNP Paribas projects or initiatives which impact BNP Paribas QI branches
  • Provide material assistance with periodic internal and external QI audits
  • Support development of technical business requirements and UAT of application enhancements
  • Adhere to regulatory changes by working with business and IT groups to enhance systems and procedures 
  • Investigate IRS notices and penalties, providing research used to draft responses submitted to the IRS

Minimum Required Qualifications:

  • BA required
  • Proficient computer skills, particularly in the use of Microsoft Office Access, Excel and/or other business related software programs.
  • Quick learner, taking detailed notes as references
  • Driven by client needs and satisfaction
  • Proactive, motivated and willing to comprehend new concepts
  • Strong verbal and written communication skills
  • Highly attentive to detail

Preferred Qualifications

  • 5 - 8 years of US tax information documentation, withholding, and tax reporting management experience in the financial services industry
  • Strong knowledge and comprehension of Internal Revenue Codes Chapter 3, Chapter 4, and Chapter 61
  • Knowledge of Broadridge systems/products such as BPS, TMS (Tax Managed Services) and TDS (Tax Data Solutions), or similar settlement and reporting systems
  • Experience validating client tax docs (Forms W-8 series, Forms W-9) using MD3, and updating back office static data and referential data systems
  • Proven track record of contributing to team oriented tasks and strategies, with the ability to identify client driven enhancements
  • Control orientated mindset
  • Advanced Microsoft Excel experience and skills
  • Ability to perform multiple tasks and meet established deadlines in a fast pace work environment with minimal supervision
  • Solutions oriented thinker who is able to generate creative ideas
  • Effective analytical, organizational, and problem resolution skills

FINRA Registrations Required:

  • N/A

CFTC Swap Dealer Associated Person (if yes, NFA Swaps Proficiency Program is required):

  • N/A

Sec Security-Based Swap Dealer Associated Person:

  • N/A

BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to race, color, gender, age, creed, sex, religion, national origin, disability (physical or mental), marital status, citizenship, ancestry, sexual orientation, gender identity and gender expression, or any other legally protected status. 

Primary Location: US-PA-ChesterbrookJob Type: Standard / PermanentJob: MISCELLANEOUSEducation Level: Bachelor Degree or equivalent (>= 3 years)Experience Level: At least 5 yearsSchedule: Full-time Reference: COR002060