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FATCA Compliance

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FATCA Compliance Quiz

Test your knowledge on the Foreign Account Tax Compliance Act (FATCA) with our engaging quiz! Learn about the regulations that impact U.S. citizens and residents around the world.

Understand the purpose of FATCA
Know who is affected by compliance requirements
Explore the consequences of non-compliance

16 Questions4 MinutesCreated by LearningTree347

What is FATCA stand for?

A. Foreign Agent Tax Cambodia Act

B. Foreign Account Treasury Cambodia Act

C. Foreign Account Tax Compliance Act

D. Foreign American Tax Compliance Act

What is the purpose of FATCA?

A. To check money laundering

B. To plug tax evasion by US person

C. To have control over investment made by US persons

D. All the above

Who is FATCA applicable to?

A. A citizen or resident of the United States (including a green card holder).

B. A person who have account in U.S Bank.

C. A person who work with in the subsidiary of U.S Bank in Cambodia.

D. All the above

Who is not subjected to FATCA compliance?

A. Royal Cambodia Government Organization

B. Foreign Government Organization

C. International Organization

D. Listed Company

E. All the above

What are US indicia?

A. US place of birth

B. U.S residence / mailing address Having one or more in U.S

C. US telephone number

D. All the above

For joint account, if one person is a U.S citizen, the account will be subject to FATCA.

A. True

B. False

If the person is subject to FATCA, the information that will be gathering by the institution are:

A. Name, TIN Number (Person), GIIN (Company), Address of the person.

B. Purpose of opening account.

C. Source of fund.

D. All the above.

Mr. Boral has a relative in Tahoe, California, United State. Currently (2020), he lives in Cambodia. But in 2018 he visited his relative in Tahoe for 200 days and in 2019 he visited his relative and travel to Florida for 120 days. Last month (Jan 2020), he visited his relative for 31 days. He come to Prince Bank PLC and want to open a current account with Prince Bank. Would he be a subject to FATCA?

A. Yes, because he presents in U.S for 31 days in current year

No, his visit for 3 years, did not add up to 183 days

C. No, he is Cambodian, he is not a subject to FATCA.

CSO is the only person who could fill the W-9, W-8 Ben and W-8 Ben E form. Customer has no right to fill the form by themselves

A. True

B. False

What is the penalty for non-compliance with FATCA regulations?

A. The customer will be convicted by US IRS.

B. The customer account will be frozen.

C. The FI should continue to follow up

D. 30% withholding tax on certain payment

Form W-9 is use for US citizen, including both person and company.

A. True

B. False

What is Recalcitrant account?

A. Recalcitrant account is the account that bank has opened for the customer, who is subject to FATCA, before 2014 (which is the year that the agreement of FATCA between US and Cambodia become effective), and the customer did not provide any information related to FATCA requirement.

B. Recalcitrant account is the account that bank open for person who is the subject to FATCA but does not comply to the requirement.

C. Recalcitrant account is the account that bank authorize to open for U.S citizen without require any of the document for report to FATCA.

In which condition, Bank consider the account as Recalcitrant account?

A. Customer fail to provide the name, address, and TIN of each “Specified U.S person” and each substantial U.S. Owner of a U.S. Owned foreign entity

B. Customer doesn’t want to provide any information, after we found out that the customer is a US person.

C. Customer refused and try to hide his/her identity as a US person.

Passive NFFEs which is consist of shareholder is US person (≥ 10% of share) is subject to FATCA. So, the customer shall

B. Open account as normal user, do not expose customer as FATCA.

A. Complete W-9 form and submit to senior management for approval.

C. Complete W-8 Ben E, because it is a Passive NFFEs.

What are the obligations of FFIs (Foreign Financial Institutions) under FATCA regulations

A. Close and transfer the proceeds of accounts holder by US person

B. Comply with IGA (Inter-governmental Agreement) entered by its local government

C. No obligations for FFI

Which among the following is/are a financial account reportable under FATCA regulations

A. Depository account, cheque, saving etc....

B. A custodial account held for benefit of another party

C. Cash value insurance and annuity contract

D. All the above

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