027 - FATCA and CRS for FinTech Dummies

Apr 5, 2021

In this Compliance That Makes Sense episode, we are going to talk about FATCA and CRS for FinTech dummies. Yana decided to record this episode not because she thinks FinTechs or her listeners are dummies, but to make sure that you feel the content is easy to digest and not too overwhelming. Yana talks about how you might face decisions around FATCA and CRS and the categories that a FinTech might fall in, and which ones require them to do the FATCA and CRS paperwork.

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Today's episode:

• [00:34] Hello, my friends!
• [01:36] Yana discusses two instances when you might have to make decisions around FATCA and CRS.
• [04:02] Yana says it's not about whether you have US customers, it's about whether you take deposits and need to report US taxpayers.
• [06:54] Many FinTechs that Yana knows limit the deposit size or withdraw the money by the end of the year, so they don't have to do the paperwork.
• [07:42] Yana talks about being a customer and the most relevant categories of FATCA for FinTech startups.
• [09:51] Yana discusses an accepted non-financial startup company.
• [11:48] You could also be compliant for a financial entity if you qualify for some of the exemptions.
• [12:48] The main idea for this categorization is to never end up as a non-participating financial entity.
• [14:48] Does CRS apply to FinTech companies?
• [16:57] Yana talks about exemptions and how that applies to FinTechs.
• [18:33] Balances under 50,000 Euros are normally not reportable for CRS purposes.
• [19:14] Thank you for listening!

Show links:

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