The Foreign Account Tax Compliance Act (FATCA) is a US federal law with global reach aimed at curbing offshore tax evasion by US persons. DCCC Broker Clearing Members will need to make the necessary disclosure to SCA to enable the transfer of such information to the Internal Revenue Service, IRS of the US. Entities which do not hold reportable accounts are required to complete Nil reporting as per FATCA requirements.
The process is completed by logging in to the SCA FATCA reporting portal and completing the reports/or completing NIL reporting as noted above. Such disclosures are made on an annual basis on the SCA reporting system as previously noted, and timelines for reporting are advised by SCA for completion of the same.
Guidance Note: DCCC Compliance will guide Broker Clearing Members through the FATCA reporting process.