5 FATCA Considerations and Challenges for Banks
The Foreign Account Tax Compliance Act (FATCA) is certainly a headache for financial firms. Here are 5 things you need to do.
If FFIs want to control cost and manage regulatory risk, they must be willing to dedicate significant resources to the initial exercise of identifying which entities must be registered, rather than assuming that registering every entity is the best path forward. In our view, there are presently five considerations that FFIs should have on their 'to-do' list, to inform this calculation and outline next steps: 1. Registration preparation 2. Cleansing and handling client data 3. Establishing a client communication plan 4. Evaluating the provision or use of third-party services 5. Accommodating multiple and varied intergovernmental agreements (IGAs)... Read full story on Wall Street & Technology
Post a comment to the original version of this story on Wall Street & Technology