Banks face high costs for Fatca compliance

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 Courtman, associate partner at the Crossbridge consultancy in London. "One investment bank we are working

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