OpRisk North America: ‘Nasty’ new regulation threatens foreign banks in the US


Alden Toevs, group chief risk officer at Commonwealth Bank of Australia, warned delegates during a panel at OpRisk North America of the impact of a new US regulation called the Foreign Account Tax Compliance Act (FATCA).

“This is a particularly nasty US regulation coming soon,” he said. “It means firms will have to identify whether their customers are US citizens – even if your firm is not located in a tax haven, this needs to be done and it will be a costly process. China is supporting this too

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