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July 18, 2019
Why financial institutions need to focus on transparency
The evolution of customer tax transparency continues rapidly for the financial services industry. The US Qualified Intermediary (QI) regime, the US Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) are just the beginning of the overall customer tax transparency landscape expected in the coming years. This complex area, which involves several related regimes supported by strong political will at global and local levels, creates volatility and requires a keen focus by the financial services industry. Financial institutions should assess their compliance status and decide if they need any prioritized and actionable remediation strategies. An EY article provides insight.