May 2017 JD Supra

FATCA is Chapter 4 of the Internal Revenue Code (IRC).   It conscripts Foreign Financial Institutions (FFIs) to act as reporting and withholding agents for the U.S. Government.  To enforce its conscription, it contains a mechanism for financially penalizing FFIs that do not comply.

https://www.jdsupra.com/legalnews/traps-for-the-unwary-are-financial-57591/