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December 2011 - Latest InCompliance journal showcases Crossbridge knowledge on FATCA impacts to banks

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Crossbridge, the capital markets consultancy, specialist experts on FATCA delivery were asked to contribute an article in the latest quarterly publication, InCompliance for the International Compliance Association.  The article titled "Deep Impact" explains the potential impacts of FATCA upon banks and explores the conflicts in multi-territorial compliance. 

Courtman explains to that the scope of impact will be wide reaching across the bank due to its global nature and cross-product scope.  "It will affect all major banking functions, in particular Operations (KYC/AML, CRM teams, client reference data and asset servicing), technology and tax" with "the key challenge being "data integrity, collection, accurate reporting to the IRS and correct application of withholding tax".   European banks have an additional challenge as the broad FATCA guidelines contravene exisitng local or IRS laws including EU member state data protection laws.

 

 
 
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