Highlights Ernst & Young’s Findings on FACTA’s Impact on Australian Financial Institutions

New York, NY (PRWEB) February 24, 2012, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers PwC highlighted an interesting study by Ernst & Young.

Ernst & Young finds that the draft Foreign Account Tax Compliance Act (FATCA) regulations by the US Treasury and IRS will add to the burden of a raft of other regulatory changes for Australian financial institutions.

According to Ernst & Youngs Oceania Banking and Capital Markets leader, Paul Siviour, financial institutions are left with little choice even though complying with the proposed regulations will require significant levels of investment in the face of stronger economic headwinds.

FATCA regulations have the potential to affect the whole value chain of financial institutions, requiring changes to a wide range of processes and systems to comply with the increased compliance and reporting burden, Siviour says.

Coupled with other recent reforms such as Basel III, Stronger Super and FOFA, the FATCA regulations add mounting pressure on Australian banks and financial institutions to comply with an increasingly crowded regulatory landscape.

Siviour said that to minimise the impact of the changes, Australian financial institutions should begin preparing now to ensure they are able meet the July 2013 compliance date.

Although the regulations are not due to be finalised until mid-year, the July 2013 deadline means there is a decreasing window for organisations to take the necessary steps to ensure FATCA compliance, Siviour said.


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