10 key facts about FATCA

10 FACTS ABOUT FATCA

As the financial services industry prepares for the introduction of a punitive tax regime some commentators have warned could be as onerous as RDR, Jim Muir of financial data management firm AutoRek highlights 10 facts about FATCA.

The US government’s Foreign Account Tax Compliance Act (FATCA) will take effect from 30 June 2013. FATCA requires non-US financial institutions, or as FATCA charmingly calls them “foreign financial institutions” (FFIs), and other financial intermediaries to help prevent tax evasion by US citizens. These FFIs include banks, asset managers, insurers. 1 Who should care about FATCA? Chief compliance officers, CF10A people, heads of tax or operations and other key leaders within any FFI will need to evaluate the potential impact of these regulations and develop a plan for managing the ope...