Deutsche's Sutton: industry must collaborate on Fatca front
The industry must come together to prepare for US anti-tax evasion regulations in the same way it has collaborated on the legal entity identifier project, according to Deutsche Bank's Julia Sutton
Cross-industry collaboration driving the legal entity identifier (LEI) project must be repeated to ensure the US Foreign Account Tax Compliance Act (Fatca) is implemented effectively, Julia Sutton, Deutsche Bank's London-based head of customer data, tells Inside Reference Data. Sutton also says firms that do not have automated client onboarding systems face serious problems when the anti-tax evasion regulations go live.
Sutton says preparations for the implementation of Fatca in January 2013
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