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Private Banks in Asia need to review their FATCA agreements

Following an interview with Allan Wilkinson, Asian Private Banker reported that Foreign financial institutions (FFIs) in Asia risk losing their FACTA Participating FFI status if they do not renew their agreements with IRS by July 31.

Allan Wilkinson, Director at Buzzacott, said, “We would suggest to financial institutions in the region which signed up to FATCA before 2017 to check their agreements and update them if necessary.

Otherwise, they will be considered as a Non-participating FFI as of January this year. It is important for financial institutions to maintain their Participating FFI status, otherwise their clients may be hit with a 30% withholding tax on any payments of income originating from the US.”

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Allan Wilkinson

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Allan Wilkinson, Director at Buzzacott, said, “We would suggest to financial institutions in the region which signed up to FATCA before 2017 to check their agreements and update them if necessary.