Foreign Account Tax Compliance Act (FATCA) and Automatic exchange of Information (AEI) are both regulations requiring banks and other Financial Institutions to identify the tax status of their clients and report certain account information to tax authorities of jurisdictions where the account holder is resident for tax purposes.
This FATCA/AEI refresher course targets those senior managers who sponsor the acquisition of a business interest. As part of the process, these ‘Sponsors’ must register the acquired entity with the FATCA desk, and, where applicable, obtain board resolution so the entity can be registered with the IRS. They also need to keep the FATCA/AEI information on each of their entities up-to-date.
The challenge was to make the course relevant to the target audience. The Sponsor doesn’t need to know the intricacies of the process used by the FATCA desk, so we cut the process overview out of the course and focused on what actions the Sponsor needs to take (Topics 3 & 4) and supported that with why it’s necessary (Topics 1 & 2).