Regulatory Alerts2013-08-19
Added · Updated
Foreign Account Tax Compliance Act in the U.S.
The Hong Kong Monetary Authority instructs Authorized Institutions to assess and comply with overseas tax regime changes, specifically the U.S. Foreign Account Tax Compliance Act. Financial institutions must implement robust processes and controls to identify U.S. taxpayers, obtain customer consent, and adhere to privacy laws before reporting account information to the IRS. The regulator also encourages industry collaboration to develop best practices for meeting these international compliance obligations.
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