Our Thinking

Insights and big ideas from CIBC Mellon and BNY, designed to help institutional investors in Canada navigate today's complex market and regulatory environment.

CIBC Mellon - Our Clients and FATCA

February 2016

The goal of the The Foreign Account Tax Compliance Act (FATCA) is to find offshore accounts held by U.S. taxpayers seeking to avoid paying taxes on them. Banks, brokerages and other custodial accounts from around the world will be asked share records of such clients with the U.S. Internal Revenue Service.