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IRS releases further guidance on FATCA which creates dramatic new client identification obligations for private bankers

At a time in which the Foreign Account Tax Compliance (FATCA) provisions of the “Hiring Incentives to Restore Employment Act of 2010” (HIRE Act) have been coming under increasing criticism in Asia due to concerns that these provisions will result in significantly increased compliance costs for financial institutions, the IRS has released further guidance in the form of Notice 2011-34….

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