Recruiter's Glossary

Examples: Rule 38a-1 • Audit Trail • Regulatory Reporting

FATCA

Term from Compliance industry explained for recruiters

FATCA (Foreign Account Tax Compliance Act) is a U.S. law that requires financial institutions worldwide to report information about accounts held by U.S. taxpayers. Think of it as a global system that helps prevent tax evasion. When someone mentions FATCA experience on their resume, they typically work with rules and procedures that help banks and financial companies identify U.S. account holders and report their financial information to the IRS. This is similar to other reporting requirements like CRS (Common Reporting Standard) or AML (Anti-Money Laundering) regulations.

Examples in Resumes

Led team responsible for FATCA compliance implementation at major banking institution

Developed and maintained FATCA reporting procedures for international client accounts

Conducted FATCA classification reviews for over 1,000 customer accounts

Typical job title: "FATCA Compliance Officers"

Also try searching for:

Compliance Officer Tax Reporting Specialist Regulatory Reporting Officer FATCA Analyst Compliance Analyst Tax Operations Specialist Regulatory Compliance Manager

Where to Find FATCA Compliance Officers

Professional Associations

Online Resources

Job Boards

Example Interview Questions

Senior Level Questions

Q: How would you implement a FATCA compliance program from scratch at a financial institution?

Expected Answer: Should discuss creating policies, training programs, documentation procedures, system requirements, and coordination with different departments. Should mention risk assessment and regular review processes.

Q: How do you handle complex FATCA cases involving trust structures or passive entities?

Expected Answer: Should explain approach to identifying controlling persons, beneficial owners, and proper classification of entities. Should mention documentation requirements and reporting considerations.

Mid Level Questions

Q: What are the key differences between FATCA and CRS reporting requirements?

Expected Answer: Should be able to explain that FATCA is U.S.-specific while CRS is global, and highlight main differences in reporting thresholds and documentation requirements.

Q: How do you determine if an account is U.S. reportable under FATCA?

Expected Answer: Should explain U.S. indicia, documentation requirements, and the process of reviewing account information for reporting determination.