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COMPLIANCE WITH FATCA-CRS REGULATIONS – HOW IT HELPS FINANCIAL INSTITUTIONS IN TRACKING/MONITORING ACCOUNT HOLDERS TAX-RESIDENT IN FATF BLACK & GREY LISTED COUNTRIES?

The Financial Action Task Force (FATF), to protect the international financial system from Money Laundering and Financing of Terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT (Anti Money Laundering/Combating Financing of Terrorism) standards, identifies jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to […]

TOP 4 CHALLENGES IN FATCA-CRS COMPLIANCE IN INDIA

While Reporting Financial Institutions in India are gearing up to identify reportable account holders, complete due diligence & data remediation, they are encountering the following challenges: 1. Individual Reportable Account Holders: While there is a threshold for FATCA reportable individual account holders (USD 50000), there is no such threshold for CRS reportable account holders. This […]