FATCA

FATCA (Foreign Account Tax Compliance Act):

  1. Effective from 2014
  2. FATCA requires banks Worldwide (including offshore financial centers, Russia, China etc) to disclose account information where the owner, beneficiary or Directors are American
  3. Non-compliant banks are fined and frozen out of U.S. markets

Outcome: If your company has American Directors or owners, be prepared for your (non-US) bank to request vast amounts of extra due diligence infomation and/or to decline to open an account, or close your existing account.