To assist you in this process please respond to the following questions:
- Do you currently hold investments in the US?
- Do any of your customers/investors/clients/depositors have US sourced income?
- Are any of your customers/investors/clients/depositors US persons i.e. US Citizen, Green Card Holder, deemed tax resident, as evidenced by “indicia” of US account?
- Do you accept deposits in US$ in the ordinary course of business?
- Do you invest, reinvest or trade in US securities or commodities?
- Do you invest, reinvest or trade in securities or commodities for US persons?
- Do you hold other financial assets for US persons?
- Do you issue cash value insurance products in the name of US persons?
If you answered “YES” to any of the above then you may have responsibilities under FATCA.
KPMG would be pleased to discuss with you the conduct of an initial FATCA impact assessment, to determine whether your organization falls within the scope of FATCA, and the implications of such classification.
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