The clock is ticking down for financial institutions as the Foreign Account Tax Compliance Act (FATCA) takes effect this July. With three months to go until implementation, firms face significant logistical challenges to comply with FACTA. Compliance executives at this week’s OpRisk North America conference point to the challenge for multinational banks with legal entities in various jurisdictions, each with their own reporting requirements under FACTA. Intergovernmental agencies like the IRS are only adding to the challenge. The IRS has been slow to provide clear guidance, and other organizations worldwide look to the IRS to set the pace. Read the full article here.