Are Firms Ready for Fatca 2.0?

Amy Harkins BNY Mellon
Amy Harkins, senior vice president and managing director, BNY Mellon

The Foreign Account Tax Compliance Act (Fatca) is now a fact of life. The law, which requires financial institutions outside the US to report any tax-relevant information on US citizens on their books to the country's Internal Revenue Service, took effect in July.

While market participants adjust to the act's challenging requirements, it appears that Fatca is not an isolated piece of legislation, but rather signals an era in which financial institutions will be expected to help national governme