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In FATCA Compliance, the Burden is in the Details: Experts
By Brian Orsak
printThe regulatory burden of financial institutions complying with a U.S. tax law and related intergovernmental initiatives could largely depend on seemingly small details in know-your-customer profiles, compliance specialists said Thursday. Under tax data-sharing initiatives by the United States and the Organisation for Economic Co-operation and Development, participating jurisdictions and financial institutions will soon retain and turn over information on customers suspected of hiding assets from their home governments. The U.S. plan, known as FATCA, will penalize non-participating banks a 30 percent fine on wires starting in July. The initiatives mean that know-your-customer (KYC) expectations are "widening up," according to Jurgen...
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