Solving The Complexity Of FATCA Classification

Under FATCA rules, every foreign financial institution (FFI) must identify and classify all its clients with US indicia, but also do the same for all parties to financial transactions, including other FFIs and non-financial foreign entities (NFFEs). The challenge here lies in the complexity of the classification that needs to be carried out to ensure that they are classified correctly and that the NFFEs are, in fact, legitimate companies.

There are a couple of issues that this throws up.

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