It was Mark Twain who first mentioned the Responsible Officer (RO) liability issue to me a few weeks ago. It is one of the more obscure questions about the FATCA compliance that I hadn’t fully considered or focused any attention on. From my reading, this problem is becoming more and more apparent.
The Responsible Officers’ will carry the brunt of the FATCA compliance burden and risk
As far as I know, this FATCA fact has not been brought to the Canadian Bankers Association (CBA) attention in a way that might give them pause about their rush to compliance capitulation. Continue reading