Fatca Grace Period Ends
Good faith client account review and remediation will no longer be accepted by regulators
The deadline for client account review and remediation under the US Foreign Account Tax Compliance Act (Fatca) is now over, signalling the end of a "grace period" under which banks have been operating.
Joe Dunphy, vice president of product management at Fenergo, says: "July 1 marks the end of the good faith basis on which financial institutions were allowed to enact Fatca. When Fatca was implemented two years ago for purposes of classifying and capturing reporting data on banks' customers, banks
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