The Foreign Account Tax Compliance Act (FATCA) regulation requires financial institutions outside of the United States to identify accounts held by US persons and to report information on such accounts to the US tax authority. This leads to various documentation requirements for customers of Swiss banks, depending on clients’ individual circumstances and the business entity involved.

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Swiss banks must ensure that all staff dealing with FATCA-related tasks possess the necessary knowhow to implement the regulation correctly.

 

To help Swiss financial institutions train their employees on FATCA and remain compliant with the act, Indigita has designed a compact e-Learning course that covers the relevant knowledge in 13 brief lessons:

 

1. Introduction to FATCA

2. The impact of FATCA on Swiss banks' clients and US tax persons

3. Intergovernmental agreements (IGAs) and partner jurisdictions

4. The FATCA entity classification system

5. FATCA compliance for different financial entities

6. Non-financial foreign entities

7.  Process of opening individual accounts under FATCA

8. Future FATCA due diligence on pre-existing individual accounts

9. Processes of opening entity accounts under FATCA

10. Information recording and archiving

11. Reporting and monitoring

12. FATCA withholding

13. Additional important FATCA concepts