FATCA
Foreign Account Tax Compliance Act
FATCA is a U.S. law that requires foreign financial institutions to report accounts held by U.S. taxpayers. It aims to reduce offshore tax evasion.
Institutions that do not comply can face withholding taxes on certain U.S.-source payments. FATCA has driven expanded tax and identity reporting across borders. Many institutions align FATCA processes with CRS reporting.
Related Terms
CRS
Common Reporting Standard
CRS is a global standard for the automatic exchange of financial account information between tax aut...
KYC
Know Your Customer
KYC is the process financial institutions use to verify the identity of their customers. It's a key ...
OFAC
Office of Foreign Assets Control
OFAC is a US Treasury Department agency that administers and enforces economic sanctions against tar...
Cross-Border Payment
A cross-border payment is a transfer where the payer and payee are in different countries or currenc...
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