Compliance

04:46 PM
Jonathan Camhi
Jonathan Camhi
Slideshows
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

5 Insights On Industry Preparations for FATCA

A recent study shows that banks are pushing forward on FATCA compliance but are in need of clarification from regulators about some requirements.
Previous
1 of 5
Next


With deadlines approaching next year regarding FATCA, many banks are still unsure about several aspects of compliance with the new law, according to a survey released last week by NICE Actimize. The survey involved individuals from more than 100 institutions across the world that participated in a FATCA webinar that NICE Actimize held earlier this year.

There survey found little agreement among the respondents as to what they saw as the biggest challenge in FATCA compliance. The most common top challenges listed by the respondents were identifying accounts that FATCA applies to (25%), meeting compliance timelines (21%) and managing multi-jurisdictional conflicts (19%). The study noted that all of these challenges will require more coordination both within and between different organizations.

Images are courtesy of NICE Actimize.

 

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

Previous
1 of 5
Next
Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.