Fatca compliance at risk via third parties, expert warns

Financial institutions have focused heavily on their own Fatca compliance programmes, but third-party contracts may need to be revisited to ensure full compliance

Financial institutions are not asking specific enough questions of their third-party suppliers to ensure that they don't fall foul of the US anti-tax evasion law Fatca, one industry expert warns.

While banks, asset managers and the like have been busy ensuring they are compliant with Fatca within their own institutions, Jeff Trent, a New York-based partner at PwC, says such institutions have not necessarily given enough focus to whether their third-party suppliers are fully compliant.

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