FATCA Reporting

The Foreign Account Tax Compliance Act (FATCA) requires financial institutions to report annually to their local tax authorities information on their USA clients to be passed on to the US tax administration.

Relevant Regulation: Foreign Account Tax Compliance Act (FATCA)

Start date: 1 July 2014

Regulatory Type: Regulatory reporting

Types of firms affected: Firms with US clients such as banks, investment firms, E-Money, Fiduciary providers and others

Supervisory authority: Tax authotities

Frequency of reporting: Yearly

FATCA Reporting Service

The Foreign Account Tax Compliance Act (FATCA) requires financial institutions to report annually to their local tax authorities information on their USA clients to be passed on to the US tax administration.

Challenges & Risks

Firms face several challenges and risks that need to be addressed in order to proceed with the pertinent submissions before the deadline.

Challenges
Risks
Key Features

MAP FinTech receives reportable information, constructs the FATCA annual report, and, for most countries, submits it to the relevant competent authority as prescribed by the relevant provisions of FATCA.

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