In recent years, the U.S. government has increased its efforts to combat offshore tax evasion and the introduction of the Foreign Account Tax Compliance Act (“FATCA”) is the culmination of these efforts. FATCA mandates that participating foreign financial institutions identify U.S. accountholders or suffer a 30% withholding penalty on certain payments.
FATCA was signed into law on March 18, 2010. The FATCA Final Regulations, issued in January 2013, provide additional detail to help foreign financial institutions (“FFIs”) in their FATCA preparation. FFIs subject to FATCA are required to have a compliance program in place by July 1, 2014 and responsible FFI officers must certify certain portions of compliance beginning in 2014.
Guidehouse’s FATCA professionals leverage their expertise in anti-money laundering, operations, regulatory compliance and tax to help financial institutions assess FATCA readiness, develop and implement FATCA policies, and manage the risks associated with FATCA compliance. Our solutions include:
Strategy and Policy Development, Implementation and Training
FATCA FIND® Pre-existing Account Due Diligence Software
On-boarding Procedure Updates
Quality Assurance Reviews and Compliance Assessments