027 - FATCA and CRS for FinTech Dummies

<p><span style="font-weight: 400;">In this</span> <a href= "https://directory.libsyn.com/shows/view/id/compliancethatmakessense"> <span style="font-weight: 400;">Compliance That Makes Sense</span></a> <span style="font-weight: 400;">episode, we are going to talk about FATCA and CRS for FinTech dummies. Yana decided to record this episode not because she thinks FinTechs or her listeners are dummies, but to make sure that you feel the content is easy to digest and not too overwhelming. Yana talks about how you might face decisions around FATCA and CRS and the categories that a FinTech might fall in, and which ones require them to do the FATCA and CRS paperwork.</span></p> <p><span style="font-weight: 400;">If you enjoy this episode, please share it with friends, leave comments and reviews, and join the conversation. </span></p> <p><strong>Today's episode:</strong></p> <ul> <li><span style="font-weight: 400;">[00:34] Hello, my friends!</span></li> <li><span style="font-weight: 400;">[01:36] Yana discusses two instances when you might have to make decisions around FATCA and CRS.</span></li> <li><span style="font-weight: 400;">[04:02] Yana says it's not about whether you have US customers, it's about whether you take deposits and need to report US taxpayers.</span></li> <li><span style="font-weight: 400;">[06:54] Many FinTechs that Yana knows limit the deposit size or withdraw the money by the end of the year, so they don't have to do the paperwork.</span></li> <li><span style="font-weight: 400;">[07:42] Yana talks about being a customer and the most relevant categories of FATCA for FinTech startups.</span></li> <li><span style="font-weight: 400;">[09:51] Yana discusses an accepted non-financial startup company.</span></li> <li><span style="font-weight: 400;">[11:48] You could also be compliant for a financial entity if you qualify for some of the exemptions.</span></li> <li><span style="font-weight: 400;">[12:48] The main idea for this categorization is to never end up as a non-participating financial entity.</span><