NCCU has chosen to be FATCA (Foreign Account Tax Compliance Act) compliant. Over the next few months, members will be informed on the steps being taken to comply.

FATCA is part of the 2010 U.S. Hiring Incentives to Restore Employment (HIRE) Act that requires individuals to report their financial accounts held outside of the United States and foreign financial institutions (FFIs) to report to the Internal Revenue Service (IRS) about their American clients. FATCA was implemented to address tax abuse by U. S. persons through the use of off-shore accounts.

FATCA requires FFIs to report financial assets of U.S. persons exceeding US $50,000.