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FATCA Requirements
Discover the in-depth requirements of FATCAPreview the first lesson free — get full access to all 18 lessons.
Beginner Provider : KnowledgeCity 5 chapters · 18 Lessons · 23m in Arabic, English, Spanish
Course Description
The Foreign Account Tax Compliance Act (FATCA), started as a United States law to address financial crime. Specifically, FATCA sought to address offshore tax evasion committed by United States citizens. Since its inception, FATCA has changed and evolved into a global reform for tax compliance. These banking courses examine the FATCA requirements for U.S. and foreign individuals and entities.
What You'll Learn
- Understand the FATCA requirements for U.S. and foreign individuals and entities
- Identify U.S. individuals, domestic entities, and the exemptions that apply to them
- Examine the obligations of U.S. financial institutions, withholding agents, and third-party reporting
- Navigate FATCA registration steps for Foreign Financial Institutions (FFIs), including obtaining a Global Intermediary Identification Number
- Apply FATCA withholding requirements and the role of Intergovernmental Agreements
- Explore monitoring, multilateral tax information exchange, and a case study on Russia
Key Takeaways
- FATCA began as a United States law created to address financial crime, specifically offshore tax evasion committed by United States citizens.
- Since its inception, FATCA has changed and evolved into a global reform for tax compliance.
- The course covers FATCA requirements for both U.S. and foreign individuals and entities, including financial institutions and withholding agents.
- Foreign Financial Institutions can meet FATCA requirements through registration steps, a Global Intermediary Identification Number, and Intergovernmental Agreements.
- The course addresses monitoring and multilateral tax information exchange as part of global tax compliance.
Frequently Asked Questions
Who is this FATCA course for?
These banking courses examine the FATCA requirements for U.S. and foreign individuals and entities, making them relevant to those working in bank compliance, financial regulations, tax compliance, and international regulatory compliance.
What does the course cover?
It covers the FATCA requirements for U.S. and foreign individuals and entities, including U.S. individuals and their exemptions, domestic entities, U.S. financial institutions, withholding agents, third-party reporting, foreign financial institutions and their exemptions, FFI registration steps, the Global Intermediary Identification Number, FATCA withholding requirements, Intergovernmental Agreements, monitoring, and multilateral tax information exchange.
What is FATCA according to this course?
The Foreign Account Tax Compliance Act (FATCA) started as a United States law to address financial crime, specifically offshore tax evasion committed by United States citizens, and has since evolved into a global reform for tax compliance.
What skills does this course help develop?
The course supports skills in Bank Compliance, Financial Regulations, the Foreign Account Tax Compliance Act, International Regulatory Compliance, Tax Compliance, and Federal Financial Institutions Examination Council (FFIEC) Compliance.
Does the course include a practical example?
Yes. The course includes a case study on Russia as part of its lessons.
