FATCA requires financial institutions around the world to enter into an agreement with the US Internal Revenue Service to disclose information pertaining to accounts owned by US citizens, green card holders living in the US or abroad, or non-US entities in which US taxpayers hold a substantial ownership interest.
4  BIS central bankers’ speeches  Conclusion In summary, the volatile global environment, sluggish domestic economy and persistently low domestic interest rates all pose risks to the performance and profitability of local financial institutions, but the impact varies across the financial system. •  Banks remain very well capitalized, highly liquid, profitable, and resilient to significant shocks.