Insurance sector struggles with US regulators' lack of clarity on Fatca
The US’s far-reaching Foreign Account Tax Compliance Act comes into force soon, but a lack of clarity about what it entails means insurers are having to start preparations without knowing what they are preparing for
The Foreign Account Tax Compliance Account (Fatca) has been causing turbulence in the banking sector for some time. Institutions are busily allocating costs, teams and resources to ensure they are compliant with the new US regulations, the drafts of which are expected to be issued soon. However, Fatca does not just apply to the banking sector. The insurance sector will be expected to be Fatca-compliant as well – and while the banking sector is worrying about a lack of clarity on various areas of
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