Regulatory Alerts2014-11-13
Added · Updated
Foreign Account Tax Compliance Act in the US
The Hong Kong Monetary Authority informed authorized institutions that a Model 2 Intergovernmental Agreement between Hong Kong and the US regarding the Foreign Account Tax Compliance Act was signed on 13 November 2014. The letter directs financial institutions to review the agreement and its annexes, which establish the due diligence procedures required to identify US accounts and those held by nonparticipating financial institutions. This guidance applies to all authorized institutions except for specific non-reporting or deemed-compliant entities defined in the agreement's annexes.
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