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Conduct Risk and Financial Stability [5]

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Bullet points include: A US federal law ostensibly aiming to detect the non-US financial accounts of US domestic taxpayers (rather than identifying non-resident US citizens). Also aims to address money laundering, offshore tax abuse etc., since: FATCA data is used to cross-check a US person’s self-reported data at the Financial Crimes Enforcement Network. Non-US (‘Foreign’) Financial Institutions (including global financial institutions, investment entities and insurance companies) required to report asset and identify information related to suspected U.S. persons using their financial institutions. Controversial (within the financial industry) because costs (to industry, globally) appear likely to exceed revenue (to US IRS). C.f. other anti-money laundering (AML) and “know your customer” (KYC) rules

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