Banks fear Fatca raises operational and systemic risks

Facing up to Fatca


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 new law might also expose banks to new reputational risks. There are also fears that Fatca will create

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