Switzerland

Details

  • Service: Audit, Financial Services
  • Industry: Investment Management, Banking
  • Type: Business and industry issue
  • Date: 6/14/2010
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FATCA Impact on Swiss Financial Institutions 

The U.S. Foreign Account Tax Compliance Act (FATCA) confronts Foreign Financial Institutions (FFI) with increased information demands in the KYC process, additional reporting requirements and other duties. FATCA will challenge banks in Switzerland in their cross-boarder activities and requires solutions to comply with Swiss banking secrecy requirements.

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FATCA Competence Center

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FATCA was adopted by the U.S. congress as part of the HIRE Act on 10 March 2010. FATCA follows the guidelines of the “US Stop Tax Haven Abuse Act 2009” and aims primarily at preventing tax evasion by U.S. persons.