Canada - English


  • Service: Tax, International Tax Services, Topics
  • Industry: Financial Services, Investment Dealers
  • Type: Business and industry issue
  • Date: 1/29/2014

FATCA: The Compliance Challenge for the Investment Management Industry 

FATCA impacts every bank, investment management company and many insurers globally. In order to become compliant, financial institutions will need to review their customer on-boarding processes, make changes to their withholding and reporting engines and remediate millions of customer accounts globally.

On January 17, 2013 the US Treasury Department and Internal Revenue Service (IRS) released the final regulations for FATCA. Canada and the US entered into an Intergovernmental Agreement (IGA), and Canada published draft legislation implementing the IGA, on February 5, 2014. The final rules provide some welcome practical improvements on issues of particular importance to the investment management industry.
Nevertheless, the scope of FATCA as applied to the investment management industry remains sweeping and meeting the Act’s complex obligations may have significant business and operating model implications for funds and investment management firms.


Please speak to your KPMG contact or one of our FATCA advisors for further information or advice in respect of the legislation and the impact for you.


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Russell W. Crawford

Russell W. Crawford

Partner, Tax


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