The Foreign Account Tax Compliance Act (FATCA) recently applied by the US, addresses the avoidance of tax by U.S. persons overseas and places a heavy burden of tax reporting and compliance onto financial institutions.
This new law requires financial firms to implement considerable enhancements to their processes and systems relating to the collection and reporting of client information.
Dany Nassar, Head of Compliance at Bank of Beirut, said, “Regulatory compliance is a vital component for firms operating in today’s global financial markets. Ensuring internal systems and controls are in place to support compliance is a high priority for us. We believe …Read more