Foreign Account Tax Compliance Act (FATCA) requires that all financial
institutions (including Indian mutual funds) need to report financial
transactions of US persons and entities in which US persons hold a substantial
Enacted to prevent tax evasion through foreign investments.
Key details required: Country of birth, Country of citizenship, country of tax
residence, TIN from such country.
Currently made mandatory for all investors (existing and new) in Indian
For non-individual investors, Ultimate Beneficial Ownership (UBO) details
have to be provided.