Foreign Account Tax Compliance Act (FATCA)

Refreshed May 2024 | CPD time: 1 Hour

The Foreign Account Tax Compliance Act (FATCA) is a US law that aims to reduce tax evasion by US citizens holding assets abroad. FATCA requires non-US financial institutions, known as foreign financial institutions, to report annually about their US account holders to the US tax authority, the Internal Revenue Service (IRS). This module provides an understanding of FATCA, its implementation timeline, reporting, compliance and due diligence requirements. It is designed for educational purposes only and does not constitute tax, investment or legal advice.