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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Article first seen in the Asian Private Banker