PWC Estimates That Few Financial Institutions Have Appointed Responsible Officers for FATCA

PricewaterhouseCoopers LLP ("PWC") estimates that only 5 percent of large foreign banks have appointed a "responsible officer" to certify compliance with the Foreign Account Tax Compliance Act ("FATCA") and otherwise manage the registration of foreign financial institutions as required by FATCA.

In addition to promising that an entity is complying with FATCA, the responsible officer is in charge of registering foreign financial institutions ("FFIs"). Some of the largest banks have thousands of foreign entities that must be registered. For each one, the responsible officer will have to ensure that the 25 registration questions are answered and entered accurately into the system.

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