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Automatic exchange of information demands sending PBs scrambling

While most private banks have put in place their Foreign Account Taxpayer Compliance Act (FATCA) compliance regimes, many are still struggling to meet the stringent requirements of the automatic exchange of information (AEOI) Act, says Richard Weisman, a US tax partner at Baker and McKenzie. “Private banking operations in Asia are learning and borrowing from compliance programmes developed in jurisdictions…

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