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Banks face high costs for Fatca compliance

Banks might need to set aside up to 40% of their operations change budget to make themselves Fatca compliant

louise-courtman-crossbridge
Louise Courtman at Crossbridge

Banks might need to spend up to 40% of their global operations change budget to achieve compliance under the US Foreign Account Tax Compliance Act (Fatca), according to some industry experts.

"Fatca is touching the end-to-end processes for banks, from client onboarding right the way through to regulatory reporting, so banks will have to face the challenges and costs that brings," says Louise

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