Foreign Account Tax Compliance Act (FATCA)

The goal of FATCA is to prevent US tax evasion by US citizens with offshore bank accounts. It requires foreign financial institutions to report the assets and identities of such US citizens to the IRS. Institutions that do not comply will be subject to a 30 percent withholding tax on some of their US-sourced payments. It is critical that a bank knows whether one of its accounts is already registered with the IRS so it can provide accurate regulatory reporting.

Compliance Made Easy

Reference Data facilitates the cross-referencing and mapping of entity data to help financial institutions verify the identity of US citizens, determine if they have a FATCA Global Intermediary Identification Number and accurately report their assets to the IRS. Learn more