US banks worry over fuzzy Fatca requirements

IRS still unclear on compliance details

KYC, or know-your-customer, is causing problems for banks

As the industry has come to know – if not love – the US Foreign Account Tax Compliance Act (Fatca) over the past four years, financial institutions across the globe have invested heavily in their know-your-customer (KYC) and onboarding processes to ensure that they are Fatca-compliant when implementation finally arrives on July 1 this year.

Foreign financial institutions (FFIs) have had to implement myriad KYC processes in order to establish which of their thousands, sometimes millions, of custo

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