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.

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One positive finding from the research is that some of the banks involved in the survey are quickly reading up on what FATCA will require of them. Just less than half of the respondents (45%) said they had good or excellent understanding of what they’ll need to do to achieve FATCA compliance. That number may seem a little low at first, the study said. But FATCA’s rules were just finalized a couple of months ago, so it’s actually a positive sign that nearly half of the institutions feel confident in their understanding of compliance, the study concluded.

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

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