Citywire Asia: Smaller wealth managers could lose Fatca participatory status.

Citywire Asia recently wrote an article on the FATCA agreement renewal deadline, and quoted comments made by Allan Wilkinson, Director at Buzzacott, following an interview.

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Wilkinson said, “The big institutions are and they are doing their best to be compliant from what I can see. But with many of the smaller financial institutions might not fully be aware of what their responsibilities are.”

Wilkinson also noted, “Even though FATCA has been around since 2014, some financial institutions are only beginning to realise now what the full extent of their responsibilities are.

Commenting on what constitutes US citizenship, Wilkinson said, “It’s difficult to determine how many Americans there are because you can be an American just by having been born in the US, or having a Green Card or being a resident there. There are some Americans in this region who don’t even know that they’re American.”

Wilkinson added, “The big financial institutions are probably fine but maybe for the smaller ones the administrative burden is too much really. So yes, some financial institutions will be a bit shy to take on US clients because of these rules.”