Banks 'starting to panic' over Fatca

us treasury

Banks will face operational upheaval and increased costs as they try to comply with the new US Foreign Account Tax Compliance Act (Fatca) regulations coming into force from 2014.

The implementation date for the new legislation was put back from 2013 to 2014 on July 14, in recognition of the operational difficulties involved in complying with the new regime.

Fatca is an unpopular law – Commonwealth Bank of Australia's group chief risk officer, Alden Toevs, described it as "particularly nasty" at

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