Within every financial jurisdiction there are several Acts/ Lawsof Parliament, used to regulate that financial space to presentsystemic issues while engendering the highest degree of confidence.In 2010, the US government enacted the Foreign Accounts TaxCompliance Act (FATCA), which mandates all foreign financialinstitutions to employ enhanced due diligenceprocedures, to identify and report US citizens and GreenCard holders with balances in their accounts of over US $50,000.00for tax purposes. For the purpose of this exercise using afinancial institution familiar to you:
? Provide compelling arguments of no less than four reasons whythe financial institution familiar to you has implemented enhanceddue diligence procedures for established account holders oronboarding new accounts. In your presentation identify some of thenew procedures or requirements implemented as part of the enhanceddue diligence procedures (Marks 4)
? Failure to implement enhanced due diligence procedures forexisting customers and on bordering of new accounts, could haveserious implication for the financial institution. Articulate noless than four consequences the financial institution could facefor failing to implement enhanced due diligence procedures toensure compliance. (Marks 4)
? Comment on at least two posts from your peers and providesupport for your responses. (Marks 2)
