KPMG: FATCA Information Sharing Pacts May Increase U.S. Bank Duties

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The recently unveiled model agreements for intergovernmental information sharing under the Foreign Account Tax Compliance Act could point toward greater reporting responsibilities for U.S. financial institutions, KPMG practitioners say. The agreements contain language offering a further strong commitment by the United States to improve transparency as it cooperates with other governments under the law, they say. “This really looks like there will be additional reporting requirements for U.S. financial institutions,” Laurie Hatten-Boyd, head of KPMG's Tax Information Reporting and Withholding Group, says on a webcast.