The two large local banks have initiated projects which would enable them to be well in train to comply with the FATCA requirements. The smaller banks are in the process of amending their KYC procedures to identify U.S. residents and citizens. So, in my respectful view, there is little need for us to be unduly alarmed about FATCA.
I do concede, however, that successful navigation of FATCA would entail a number of challenges for our financial institutions, including the immediate need to mount an aggressive public awareness campaign. And, of course, much more work needs to be done by several other sectors and entities in preparing for FATCA including credit unions, and the Unit Trust Corporation.