Asian finance firms face a hefty Fatca compliance burden

The regulations for the US Foreign Account Tax Compliance Act were announced earlier this month, and Asian financial institutions can no longer play wait-and-see, according to PwC.

The proposed regulations for the US Foreign Account Tax Compliance Act Fatca were finally issued on February 8, and they will significantly affect foreign financial institutions FFIs, including those in Asia, according to PricewaterhouseCoopers PwC.

Although most global banks, even firms headquartered in the region, already have Fatca programmes in progress, many Hong Kong and Chinese institutions have adopted a wait-and-see approach. The same is largely the case in other...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • Green Bonds Southeast Asia

    25 May 2017  |  Singapore
    With Green Bonds globally reaching USD200 billion outstanding in 2016, from as little as 30bn just 4 years ago, can SE Asia corporations and ...
  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...