Financial institutions, including those in Hong Kong and China, will need to make significant process and technology changes to comply with FATCA. With the revised timeline, it is still critical that Asian financial institutions begin to prepare for compliance now given that it has been proven in other territories that there are a lot to modify in business practices, systems and processes. Financial institutions should consider steps such as:
Evaluating your legal entities to determine if they are FFIs or otherwise impacted by FATCA.
Performing a current state assessment of your processes, systems and operations.
Conducting gap analyses against your identified requirements and the requirements of FATCA
Developing action plans to implement changes required for FATCA compliance.
Working with your partners, service providers and counter-parties to establish FATCA roles and responsibilities
Understanding your in flight projects that may contribute to achieving FATCA compliance
Work with your relevant industry participants to determine the impact of any inter-governmental agreements
How we can help you
To help you prepare, we have formed a global network of FATCA experts with presence in key markets throughout the world, including Hong Kong, China, Singapore and many other territories in Asia. This network brings together specialists who know the intricacies of tax law as well as understanding what is required to ensure financial institutions implement a future state model that achieves FATCA compliance.