With the forthcoming compliance requirements of the US’s Foreign Account Tax Compliance Act (FATCA), foreign financial institutions (FFIs) will have to obtain and report information on accounts used by US taxpayers to the Internal Revenue Service (IRS). In this article published in the Securities & Investment Review, membership magazine of the Chartered Institute for Securities & Investment, Hugo Cox examines FATCA’s compliance costs and consequences for UK and European financial institutions and wealth managers. Navigant Director Jeff Locke is quoted and provides insight as to what FATCA implementation will require and its implications for foreign financial institutions.