FATCA Regulatory Reporting
The Foreign Account Tax Compliance Act (FATCA) was introduced as part of the 2010 US HIRE Act. The earliest withholding payments began on 1 January 2014, creating a new reporting requirement for all investors with US interests.
Does this apply to you?
Any entity with US business interests will need to consider whether it is subject to FATCA regulatory reporting. Depending on the complexity of the business, this could prove a significant reporting burden to firms using offshore accounts, including foreign institutions, who may need to provide US authorities with information about underlying investors. For a practical guide to FATCA (US & UK), please click here.
How can MUFG Investor Services help?
MUFG Investor Services has a dedicated team of experts on hand to, among other duties, review agreements, collate and collect relevant documents and set up systems. They will act as a single point of contact through the integration phase. Depending on the client’s needs, there are two levels of FATCA service available:
- Basic Service Offering
Designed for clients where certain compliance elements are retained in house, the basic offering consists of work around investor analysis, obtaining missing documentation and investor classification. Here, the client retains registration and reporting responsibilities.
- Full Service Offering
The client appoints MUFG Investor Services and partners as the authorised third party and signs power of attorney. In partnership with Markit and CTI, MUFG then performs end-to-end FATCA compliance. Here, the client retains the role of FATCA responsible officer (which is not allowed to be delegated) but MUFG performs all work from investor analysis to reporting.