4 ms·
The penalty for non-compliance comes down to: you can't do business with the US government anymore, which is a huge bummer for any financial institution. If you
by kstrauser 9mo ago
The penalty for non-compliance comes down to: you can't do business with the US government anymore, which is a huge bummer for any financial institution. If you don't care about that, say because you're a credit union servicing a small town in Brazil and you had a single American move there, I imagine you'd also ignore it.
- Topfi 9mo agoI am by no means an expert, but as far as I am aware FATCA violations carry slightly higher penalties then what you suggest and are very much not limited to "you can't do business with the US government anymore". Also, even if "you're a credit union servicing a small town in Brazil" and even if the penalty was as limited as you think it is, I doubt even a smaller institution could survive loosing access to US securities, etc.