10 Feb '12, 8am

Singapore banks seek exemption from US compliance rules

Singapore banks seek exemption from US compliance rules

DBS chief executive Piyush Gupta said that if banks had to go through with all the compliance activities in the United States (US), the costs could be quite prohibitive. -- ST PHOTO: TED CHEN By Magdalen Ng DBS chief executive Piyush Gupta said that if banks had to go through with all the compliance activities in the United States (US), the costs could be quite prohibitive. 'Some of the provisions are clearly to my mind extra-jurisidictional and extra-territorial, and they wind up with a huge cost impact on international financial institutions,' he said at the bank's full-year results briefing. Together with other South-east Asian bank associations, the Association of Banks in Singapore are lobbying against the US' Foreign Account Tax Compliance Act (Fatca), which will require foreign financial institutions to look for and report American account holders or face a 30 per c...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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