LONDON, November 6, 2014 – Financial organisations expect to exceed their original budget for FATCA compliance, according to a survey conducted by Thomson Reuters, the world’s leading source of intelligent information for business and professionals.
Thomson Reuters conducted a survey of approximately 300 financial institutions during a ‘FATCA Reporting: Are You Prepared’ webinar and found that 55% expect to exceed their original budgets compared with 35% who say they expect to remain on budget.
27% expect their spend on FATCA compliance in 2015 to cost between $100,000 and $1m compared with only 16%, who believed this to be the case when asked the same question in January 2014. This demonstrates a marked increase of 11 percentage points and suggests that financial institutions are only now beginning to appreciate the complexity and significant burden of FATCA.
