Jurisdiction there are several acts and laws of parliament

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Within every financial jurisdiction there are several Acts/ Laws of Parliament, used to regulate that financial space to present systemic issues while engendering the highest degree of confidence. In 2010, the US government enacted the Foreign Accounts Tax Compliance Act (FATCA), which mandates all foreign financial institutions to employ enhanced due diligence procedures, to identify and report US citizens and Green Card holders with balances in their accounts of over US $50,000.00 for tax purposes. For the purpose of this exercise using a financial institution familiar to you:

Provide compelling arguments of no less than four reasons why the financial institution familiar to you has implemented enhanced due diligence procedures for established account holders or onboarding new accounts. In your presentation identify some of the new procedures or requirements implemented as part of the enhanced due diligence procedures.

Failure to implement enhanced due diligence procedures for existing customers and on bordering of new accounts, could have serious implication for the financial institution. Articulate no less than four consequences the financial institution could face for failing to implement enhanced due diligence procedures to ensure compliance.

Comment on at least two posts from your peers and provide support for your responses.

Reference no: EM132135285

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