Leaked EU data privacy laws cause conflict with Fatca

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A new EU data privacy law might include much harsher fines for banks and other companies that fail to protect customer information, according to reports on the leaked proposal. The news has put more pressure on the US Internal Revenue Service (IRS) to clarify the data privacy issues involved in the reporting element of the Foreign Accounting Tax Compliance Act (Fatca), according to industry experts.

"The potential introduction of stricter EU data privacy regulations highlights how critical it is

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