FATCA Implementation Consulting for Korea Federation of Banks

In preparation of the implementation of the U.S. Foreign Account Tax Compliance Act (“FATCA”), Lee & Ko’s tax team successfully provided legal consulting services for FATCA implementation for the Korea Federation of Banks (“KFB”).  FATCA is a U.S. law compelling non-U.S. foreign financial institutions (FFI) to report information regarding U.S. account holders to the Internal Revenue Service (IRS) of the U.S.

The first and largest FATCA consulting project in Korea, Lee & Ko worked closely with DLA Piper and LG CNS to advised 14 major domestic banks, including Kookmin Bank, Hana Bank, Shinhan Bank, Woori Bank, and Korea Exchange Bank to develop internal financial compliance regulations and manuals for implementing FATCA for Korean financial institutions.  By successfully completing this project, Lee & Ko’s tax team established the framework of FATCA compliance procedures in Korea.