The US Department of the Treasury and the Internal Revenue Service (IRS) have proposed regulations for the Foreign Account Tax Compliance Act (FATCA). This act targets non-compliance by US taxpayers using foreign accounts by imposing a burden on financial institutions in jurisdictions outside the US. Essentially FATCA requires foreign financial institutions to report to the IRS information about accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest.
FATCA spans the vast majority of European insurers, banks, stockbrokers and many agents who handle client money – all will need to be compliant. The question is, with nearly 400 pages of regulation under proposal, are the requirements understood and how prepared are you?
PA Consulting Group is looking to understand the readiness of financial institutions for the impact of FATCA, and would like to invite you to complete a two-minute survey on your preparation to undertake the compliance programme. Survey respondents will receive a personalised report with their answers benchmarked against the survey average.
Take the survey
Please note: All responses will be treated as confidential and no individual answers will be used in isolation.
FATCA is going to impact insurers and banks. To understand how this will impact you, please contact us now.