Do you have a robust internal control framework to ensure Foreign Account Tax Compliance Act (FATCA) compliance?

Since the implementation of FATCA in 2014, most financial institutions (FIs) in Hong Kong have been focusing their efforts on addressing the core compliance requirements around account due diligence, withholding and reporting. However, the Internal Revenue Service (IRS) also requires FIs to demonstrate an effective internal controls framework on FATCA compliance, with the first certification to be submitted to the IRS by 30 June 2018. The IRS sees as central to an FI’s compliance program an appointed Responsible Officer (RO) of the FI, who is personally liable for FATCA compliance. The RO has to certify to the IRS that key FATCA compliance milestones have been achieved and a robust FATCA compliance program is in place.

Contact us

Gary Ng

Partner, PwC Hong Kong

Tel: +[852] 2289 2967

Angelica Kwan

Partner, PwC Hong Kong

Tel: +[852] 2289 3966

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