Setting the Stage: FATCA Compliance

While many financial institutions have yet to fully comprehend the short and longer-term impact that Foreign Account Tax Compliance Act (FATCA) will have on their enterprises, they realise the urgent need to put a plan, as well as supporting systems, in place to ensure compliance when the law comes into effect.

Financial institutions face the daunting task of assessing their current compliance architecture, including Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures and systems, to define the new structures, roles and processes, as well as the IT solutions, required to ensure cost-effective and complete compliance. The stakes are high in terms of risk and costs, leading financial institutions in search of best practices and proven solutions. This white paper reviews the options available and discusses the implications for business.