FATCA causes global banks to shun U.S. customers

There’s one thing the U.S. might’ve overlooked when it introduced the Foreign Account Tax Compliance Act (FATCA) — that global banks may not want to deal with it. As a result of the new tax law, which requires businesses to report all assets held by Americans, banks worldwide are turning away their American customers, reports […]

September 17, 2013 | Last updated on September 17, 2013

1 min read

There’s one thing the U.S. might’ve overlooked when it introduced the Foreign Account Tax Compliance Act (FATCA) — that global banks may not want to deal with it.

As a result of the new tax law, which requires businesses to report all assets held by Americans, banks worldwide are turning away their American customers, reports CNNmoney. This type of compliance could easily cost banks millions each year, and this is likely why they’d rather avoid the added headache.

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