The Foreign Account Tax Compliance Act (FATCA) regulation requires financial institutions outside of the United States to identify accounts held by US persons and to report information on such accounts to the US tax authority. This leads to various documentation requirements for customers of Swiss banks, depending on clients’ individual circumstances and the business entity involved.
Swiss banks must ensure that all staff dealing with FATCA-related tasks possess the necessary knowhow to implement the regulation correctly.
To help Swiss financial institutions train their employees on FATCA and remain compliant with the act, Indigita has designed a compact e-Learning course that covers the relevant knowledge in 13 brief lessons:
Introduction to FATCA
The impact of FATCA on Swiss banks’ clients and US tax persons
Intergovernmental agreements (IGAs) and partner jurisdictions
The FATCA entity classification system
FATCA compliance for different financial entities
Non-financial foreign entities
Process of opening individual accounts under FATCA
Future FATCA due diligence on pre-existing individual accounts
Processes of opening entity accounts under FATCA
Information recording and archiving
Reporting and monitoring
Additional important FATCA concepts