The respondents also gave differing answers with little consensus on which area of compliance they needed the most clarification on, the survey found. The most common response was reporting (22%), followed by beneficial ownership (18%) and tax withholding (16%). The study advised institutions to bring more executive and organizational focus to FATCA compliance to increase their understanding in these areas. Bringing in FATCA specialists to help with finding and implementing solutions was also suggested.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio