Enforcement of the Foreign Account Tax Compliance Act (FATCA) is ramping up – as evidenced by news headlines of the first criminal conviction for non-compliance. The former CEO of Loyal Bank Limited in the United States pleaded guilty, for failing to comply with the Act when opening accounts for clients in different jurisdictions.
The case highlights the reputational risks that may impact Financial Institutions (FIs) when it comes to Automatic Exchange of Information (AEoI) regimes. To help you to stay informed about recent developments on the topic, our latest update focuses on the following topics:
Please download the update via the link below and, if you have a question, don’t hesitate to get in touch.