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The U.S. Foreign Account Tax Compliance Act (FATWA), the UK Automatic Exchange of Information (commonly referred to as UK FATWA or UK AEI) and the OECD Common Reporting Standard (CRS) require Deutsche
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Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires foreign financial institutions to report information about accounts held by US taxpayers to the IRS, or else face withholding taxes on payments from US sources.
US citizens, resident aliens, and certain nonresident aliens who have foreign financial accounts exceeding certain thresholds.
FATCA reporting can be done electronically using the IRS's online system, the Electronic Federal Tax Payment System (EFTPS), or by mail using Form 8938.
The purpose of FATCA is to combat tax evasion by US taxpayers using foreign accounts. It aims to increase transparency and compliance with US tax laws.
Information such as the account number, name and address of the foreign financial institution, and the maximum value of the account during the reporting period.
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