Fatca compliance at risk via third parties, expert warns

Questions on compliance within third parties need to be more focused


Financial institutions are not asking specific enough questions of their third-party suppliers to ensure that they don't fall foul of the US anti-tax evasion law Fatca, one industry expert warns.

While banks, asset managers and the like have been busy ensuring they are compliant with Fatca within their own institutions, Jeff Trent, a New York-based partner at PwC, says such institutions have not necessarily given enough focus to whether their third-party suppliers are fully compliant.

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