What is the impact of FATCA?

The Foreign Account Tax Compliance Act (FATCA) is a U.S. law designed by the U.S. Department of Treasury and the Internal Revenue Service (IRS). It requires foreign financial institutions, like myPOS, to report on the foreign assets held by U.S. account holders. This reporting system aims to address perceived tax abuses and encourage better tax compliance among U.S. taxpayers with foreign financial assets.