US banks worry over fuzzy Fatca requirements
Time is running out for foreign companies to register under the US Fatca anti-tax-evasion law, but they are still frustrated by a lack of clarity on the law’s requirements, in particular the rules governing know-your-customer procedures
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
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