5 Insights On Industry Preparations for FATCA
More Coordination Needed for Compliance
With deadlines approaching next year regarding FATCA, many banks are still unsure about several aspects of compliance with the new law, according to a survey released last week by NICE Actimize. The survey involved individuals from more than 100 institutions across the world that participated in a FATCA webinar that NICE Actimize held earlier this year.
There survey found little agreement among the respondents as to what they saw as the biggest challenge in FATCA compliance. The most common top challenges listed by the respondents were identifying accounts that FATCA applies to (25%), meeting compliance timelines (21%) and managing multi-jurisdictional conflicts (19%). The study noted that all of these challenges will require more coordination both within and between different organizations.
Images are courtesy of NICE Actimize.