FATCA Services are sought by financial institutions to comply with the requirements of FATCA Law in force in the State of Kuwait. FATCA is an act passed by the US government in 2010 to improve the tax compliance and combat tax evasion by U.S. persons holding accounts and other financial assets offshore. All financial institutions (FIs) operating in the State of Kuwait are required to comply with all requirements set forth in the Inter-Governmental Agreement (IGA) between the State of Kuwait and the United States of America to Improve International Tax Compliance and to Implement FATCA.

SFAI provides FATCA services to financial institutions in the State of Kuwait regarding FATCA mandates including:

FATCA Assurance Services:

• FATCA FFI Classification Attestation.
• FATCA Reporting Procedures Attestation.
• Issuance of Annual/ On Demand FATCA Compliance Certification for financial institutions about the extent of compliance with FATCA requirements and integrity of processes and procedures in place.

FATCA Consulting Services:

• Establishing FATCA Process, Policies and Procedures.
• Troubleshooting issues related to FATCA reporting.