WSJ: Financial Institutions Struggling With FATCA

A new study found that financial institutions and insurers are struggling with the increased demands of new anti-money laundering and tax regulations.

According to the survey, conducted by Pegasystems Inc., some organizations have yet to begin implementing the new Foreign Account Tax Compliance Act regulations, and many don’t have enough insight on the requirements of existing due diligence and Know Your Customer processes.

Two thirds of the survey’s respondents said they “have little or no visibility” on these compliance issues. Nearly half of the respondents said they are still learning about FATCA and have yet to actively implement compliance systems.