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FATCA


What is FATCA?

FATCA - US Foreign Account Tax Compliance Act
FATCA is the US Foreign Account Tax Compliance Act, enacted in 2010 to ensure cross-border compliance of US persons with their tax duties. It is an act according to which foreign financial institutions ("FFI") (i.e. banks, custodians, investment funds) and some non-foreign financial entities ("NFFE")(meaning non-USA entities that are not FFI) have to report on the foreign assets held by their US account holders.


Like most OECD countries, Belgium and the United States signed an Intergovernmental Agreement ("IGA") in which the Belgian Federal Financial Authority ("Service Public Federal Finances") has to communicate the information referred in FATCA to the relevant US authorities, the Internal Revenue Service ("IRS").

Failure to report on US account holders can result in a 30% fine on all US income.

Who is impacted by FATCA?

FATCA has an impact on the financial sector, making the work of compliance officers more complicated. Financial institutions must review their policies and spot the clients which fall under FATCA. They must change their procedures where needed to be compliant with FATCA requirements and accelerate the reporting process. The entities may have to register with the IRS and be prepared to answer questions coming from their FATCA related clients.
Who is impacted by FATCA?

How can Pideeco help you with FATCA?

FATCA can be challenging to financial institutions as it can be time-consuming, complex to implement, challenging to gather the data needed, and requires expertise in the field. Our FATCA experts can help your company to:

- Navigate the regulatory landscape of FATCA.

- Set-up FATCA processes that are tailored to your company.

- Improve your current FATCA processes.

- Draft or improve your FATCA policies and procedures.

- Train your staff members in FATCA.

- Create tools to efficiently capture the data needed for FATCA requirements and enhance the documentation process to your customers (questions and customer declarations).

- Improve the data that is required for FATCA.

- Organise system checks and monitoring of transfers.

- Carry out for you the FATCA process required by the IRS, including the reporting requirements.

Let us know how we can help! We'll get back to you lightning quick!

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