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FATCA - US Indicia Training Module

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Course description

This training is designed to give bank staff a basic understanding of Australian banks' obligations under the Foreign Account Tax Compliance Act (FATCA)

Under an Inter-Governmental Agreement between Australia and the USA, Australia has agreed to implement the Foreign Account Tax Compliance Act (FATCA) as part of Australian law.

FATCA requires most financial institutions in Australia to identify any US taxpayers who hold accounts with their institution. The financial institution must then report details of some of these US taxpayers’ accounts to the Australian Taxation Office (ATO). In turn, the ATO collates the information it receives from financial institutions and reports it to the US Internal Revenue Service.

This short course gives bank staff

  • an understanding of their business' obligations under FATCA
  • training in how to identify customers who fall under the FATCA system
Lance is a new customer who is opening an account. He speaks with an obvious US accent, and walks in singing "Born in the USA." The KYC identification material he presents shows no US links and his address is given as an Australian address.
Are you required to flag a US link for Lance so that further inquiries can be made to determine whether he is a US person for tax purposes?  

Course outline

  • What FATCA is
  • The indicators that show a US link on an account
  • The steps required when you identify indicators of a US link on an account

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