FATCA, which was enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act of 2010, requires financial institutions to use enhanced due diligence procedures to identify US persons who have invested in either non-US financial accounts or non-US entities. The intent behind FATCA is to keep US persons from hiding income and assets overseas. Belgium will implement FATCA by entering into an agreement with the United States.
FS institutions which have to comply with the legislation are gauging the precise impact on their businesses. Financial institutions will need to make significant process and technology changes to comply with FATCA. While most FATCA provisions don’t take effect until July 1, 2014, many financial institutions have already begun to prepare. Financial institutions should consider steps such as:
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