FATCA

The financial institutions worldwide are all affected by the obligation for compliance with the US Foreign Account Tax Compliance Act - FATCA. 

The requirments resulting from FATCA regarding customer identification and classification, documentation of the commercial relation, and statutory reporting to the IRS (U.S. tax authority) and national tax authorities go far beyond the current standards.

At this time, financial institutions are engaged in elaborating strategic preliminary papers to comply with FATCA and in specifying options for its implementation. 

Additional information