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FATCA Compliance
Evaluate the processes for FATCA CompliancePreview the first lesson free — get full access to all 17 lessons.
Advanced Provider : KnowledgeCity 4 chapters · 17 Lessons · 22m 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 general framework and steps to ensure compliance with FATCA requirements.
What You'll Learn
- Examine the general framework of the Foreign Account Tax Compliance Act (FATCA) and the steps required to ensure compliance
- Identify how to fulfill FATCA obligations across the Management, Legal, I.T., Accounting, Compliance, and Customer Service departments
- Apply the key steps to compliance, including data collection, verification, registration, withholding, and reporting
- Use a sample checklist to support FATCA compliance activities
- Understand how FATCA evolved from a United States law into a global reform for tax compliance
Key Takeaways
- The Foreign Account Tax Compliance Act (FATCA) started as a United States law to address financial crime.
- FATCA specifically 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.
- The course examines the general framework and steps to ensure compliance with FATCA requirements.
- Key steps to FATCA compliance include data collection, verification, registration, withholding, and reporting.
Frequently Asked Questions
What does this FATCA Compliance course cover?
The course examines the general framework and steps to ensure compliance with FATCA requirements, covering topics such as fulfilling FATCA obligations, the roles of different departments, and key steps to compliance including data collection, verification, registration, withholding, and reporting.
What is the Foreign Account Tax Compliance Act (FATCA)?
FATCA started as a United States law to address financial crime, specifically to address offshore tax evasion committed by United States citizens. Since its inception, it has evolved into a global reform for tax compliance.
Which departments does the course address for fulfilling FATCA obligations?
The course addresses fulfilling FATCA obligations across the Management, Legal, I.T., Accounting, Compliance, and Customer Service departments.
What skills does this course help develop?
The course supports skills in Bank Compliance, the Foreign Account Tax Compliance Act, the Foreign Corrupt Practices Act, International Regulatory Compliance, Tax Compliance, and Federal Financial Institutions Examination Council (FFIEC) Compliance.
What are the key steps to FATCA compliance covered in the course?
The course covers key steps to compliance including data collection, verification, registration, withholding, and reporting, and provides a sample checklist.
