FATCA - Introduction 

The Foreign Account Tax Compliance Act (FATCA) is U.S. legislation enacted by US Congress to prevent offshore tax abuses by U.S. persons. The draft FATCA rules are wide-ranging and will force global financial institutions, investment entities, as well as national banks and other financial organizations to report details on their U.S. clients directly.
White House

FATCA arrives at a time when financial institutions already face a range of significant economic and regulatory challenges, testing many banks capability and capacity to deliver. The FATCA requirements introduce a series of business and systems requirements that are simple in concept, but maybe difficult and costly to operationalize. The aim for financial institutions will be to meet the new compliance burden at a cost that is proportionate to the compliance risk faced.


KPMG firms are well placed to support you in preparing for the FATCA deadlines; with over 50 FATCA client engagements being worked on by member firms around the world. We have invested in three-day, proprietary training of over 300 KPMG financial services professionals with deep tax, forensic, IT systems, and programme management expertise on the FATCA requirements and business implications. Further we have developed a range of automated tools designed to help clients quickly and accurately determine the potential impact and cost of FATCA on their businesses. Our FATCA Academy is accredited by former IRS professionals and is used by member firms’ clients to train their staff in-house.


We would be pleased to speak to you about how we can help you prepare for FATCA. Contact us for more information at FATCA@kpmg.com

Sign up now

Subscribe to selected content and receive email alerts when new content is available for viewing on this site.

 

Already a member? Login

 

Not a member? Register

 Contact

Adrian Harkin

Adrian Harkin

Global FATCA Leader

+44 20 73116266

Laurie Hatten-Boyd

Laurie Hatten-Boyd

Global FATCA Tax Lead

+1 206 913 4489

FATCA proposed regulations are issued

8 February: The Treasury Department and IRS today released for publication in the Federal Register proposed regulations (REG-121647-10 PDF 827 KB) as guidance concerning information reporting by foreign financial institutions for U.S. accounts, and withholding on certain payments made to foreign financial institutions and other foreign entities under the Foreign Account Tax Compliance Act (FATCA).