Getting It Right – FATCA Compliance

Key requirements

The source distinguishes administrative errors, such as missing data or incompatible format, from significant non-compliance. IRAS may require corrected information when the IRS identifies problems and can take deterrent measures against persistent non-compliance. Institutions should examine the detailed guide, document classifications and collect reliable US account information. Voluntary disclosure and reporting of non-compliance have separate procedures. Do not equate a transmitted file with complete compliance or treat temporary TIN relief as permission to omit all due diligence. Follow the current relief conditions where relevant and retain the evidence of attempts to obtain required data.