OpRisk North America: Uncertainty remains over Fatca 'day one'
With just a few months to go until the US tax-evasion law comes into force, banks are still uncertain on how to handle compliance
Complying with the US Fatca anti-tax-evasion law has been hard work for many banks – and there is still significant uncertainty ahead, according to a panel at the OpRisk North America conference in New York yesterday.
Multinational banks will include legal entities in many different jurisdictions, all with different reporting requirements under Fatca, pointed out Kevin Sullivan, head of North American tax operations for BNP Paribas.
Some fall under model 1 intergovernmental agreements (IGAs) in
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