Since FATCA was enacted in March 2010, it has generated a huge impact on the global financial services market due to its wide remit and the associated cost and effort to implement. Over the last two years I have worked with leading global financial institutions to understand the impact of FATCA. I was responsible for over ten FATCA projects and personally led five for banks and insurance companies.
In the course of these projects I have created FATCA business requirements based on the regulations and on the IGAs. As decisions were taken and solutions were developed, I have created a list of best practices for banks and insurers. These solutions can jump start the execution of compliance to FATCA in many companies.