The Foreign Account Tax Compliance Act (FATCA) was enacted to combat tax evasion by U.S. taxpayers through use of offshore accounts. FATCA imposes new withholding requirements starting July 1, 2014. The deadline for UK financial institutions to report for calendar year 2014 is May 31st, 2015. The cost of non-compliance includes increased scrutiny from HMRC, stiff fiduciary penalties and reputational damage risk. Many institutions are still not fully ready.
About Wolters Kluwer
Whether complying with regulatory requirements, addressing a single key risk, or working toward a holistic risk management strategy, more than 15,000 customers worldwide count on Wolters Kluwer Financial Services for a comprehensive and dynamic view of risk management and compliance. Wolters Kluwer Financial Services provides audit, risk, finance and compliance solutions that help financial organizations improve efficiency and effectiveness across their enterprise. With more than 30 offices in 20 countries, the company’s prominent brands include: FRSGlobal, FinArch, ARC Logics for Financial Services, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and solutions provider with annual revenues of (2011) €3.4 billion ($4.7 billion) and approximately 19,000 employees worldwide. Please visit our website for more information.