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As I understand it, the only way the USG can enforce those orders is if the financial institution has a branch/subsidiary in the US. If they don't, I think they
by geoka9 13y ago
As I understand it, the only way the USG can enforce those orders is if the financial institution has a branch/subsidiary in the US. If they don't, I think they are free to ignore the requirement.
- NonEUCitizen 13y agoI heard it tries to go one step beyond that. If Deutsche Bank has operations in the US, it falls under FATCA. BUT it is also required to not do business with some small German bank that has no operation in the US that does not comply with FATCA; i.e. DB is used to coerce the small German bank with no US operation to report its American customers in Germany to the US.
- geoka9 13y agoThis is really evil.