For Fatca Compliance, Banks Work to Create Internal Data Hubs
BNP Paribas had a problem: It needed to share data between the systems run by its anti-money laundering/know-your-client (AML/KYC) team and those used by the bank’s tax unit to collect tax information.
This need became abundantly clear after the Foreign Account Tax Compliance Act (Fatca) was proposed in 2010 and BNP began assessing what it would need to do to comply.
"We realized during our Fatca studies that we probably shouldn't be operating like this anyway," said Kevin Sullivan, head of
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