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The US Foreign Account Tax Compliance Act went live on 1 July 2014 and seeks to identify US citizens who are holding funds in offshore accounts.  It obliges all Financial Institutions (“FI”) around the world to:


  • Classify themselves;

  • Identify their financial accounts;

  • Identify “specified US persons”; and

  • Report financial account information on an annual basis.


The US Internal Revenue Service (“IRS”) will then use this information as a basis for tax enquiries, meaning that the accuracy of the return is critical for an FI’s reputation with its customers.  In the UK and many other jurisdictions, the return is submitted through the domestic tax authority, meaning that any issues will affect the reputation of an FI with its domestic regulators.


Our experienced team can draw on the practical knowledge of over 50 FATCA implementation projects in the UK and overseas, to help you develop governance around your ongoing compliance procedures and meet your due diligence and reporting obligations and be ready for a Revenue authority compliance review.


Please contact us to learn more about our market-leading FATCA offering, our specialists will be pleased to arrange a complimentary, “no-obligation”, consultation.

© 2018 by Hansuke Consulting Limited


Hansuke Consulting Limited is registered in England and Wales number 10136213 with its registered office at: 71-75 Shelton Street, London WC2H 9JQ. Hansuke Consulting Limited is an accredited and regulated member firm of the Institute of Chartered Accountants in England and Wales (ICAEW).


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