It represents a complex and costly compliance task being forced upon financial services firms globally by the US tax authorities. Firms that fail to comply with FATCA will be subjected to a stringent 30% withholding tax on any US sourced income even if they do not have any US customers.
Account opening processes for new customers will have to be amended to take into account the new information required under FATCA and systems will have to be updated to comply with the new requirements for KYC and the withholding taxes if so required. FATCA is already in process, and what is required is already being implemented.
All these key FATCA and due diligence requirements will be addressed during the 2 day workshop on FATCA that will be taking place on 15-16th of October at The Address Dubai Marina Hotel in Dubai.
