Financial institutions in Asia should not be lulled into a false sense of security over the fact that the U.S. Internal Revenue Service (IRS) will not conduct audits of information provided by firms under the U.S. Foreign Account Tax Compliance Act (2010), said officials. The consequences for responsible officers at Asian firms designated as foreign financial institutions (FFIs) under the act could be severe if they were found to have made false certifications to the IRS, they said, warning that even if the IRS did not conduct audits it had other ways of verifying information.

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