Banks fear Fatca raises operational and systemic risks
If the US’s proposed wide-ranging tax law comes into force, financial institutions across the globe could experience operational upheaval and enormous compliance costs, alongside potential reputational and systemic issues
Banks in the US and elsewhere fear the new US Financial Accounting Compliance Act (Fatca) will impose heavy burdens on the global financial services industry – creating complicated, long-term problems.
Institutions say they face large compliance costs under Fatca. Once compliance is under way, several operational risks must be dealt with, including legal concerns for compliant institutions. The
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