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Hello Anthony hello Claudine we are back talking about FATCA we thought we wrapped up but one last thing we wanted to talk and I would even say that one last thing yeah for now for now for now what we want to talk about is we talked about penalties for individuals not filing certain forms right for the u.s. persons who have an account right that's who we're talking about yep well we did talk about but today we're talking about we're talking about ffs eyes or foreign financial institutions what are the penalties if they don't comply with all the FATCA laws right lots of digging done right we've spent a lot of time because it's like oh yeah what is the penalty for them what is the penalty for them and this is what we found out what did you what did you find out not a ton okay so here's what we do know the foreign financial institutions must report to the IRS information about financial accounts held by US taxpayers or by entities in which US taxpayers hold a substantial ownership interest they're supposed to undertake certain information due diligence procedures report annually to the IRS and account holders and withhold and pay over to the IRS 30 percent of any payments of us source income but we couldn't you know I kept looking for what happens if they don't comply there's the only single thing we could find in all our digging is FF eyes that do not enter into an agreement with the IRS will be subject to withholding on certain types of payments including us source interest in dividends gross proceeds from the disposition of u.s. securities and pass-through payments so I was expecting to find I mean the IRS is pretty specific about if individuals don't file certain percentages certain dollar amounts certain things are gonna happen this seems pretty vague and I'm not even quite sure how they would uphold yeah so I guess when when a foreign bank sells something in the US mm-hmm they have a security that you know they're holding some sort of thing that they're investing they sell something in the United States now I guess what's the so now the bank in the US that's supposed to send money you know all the money to the form makes as well we see that you're not complying with FATCA so what we're gonna do is send 30% of it to the IRS with no real identification number because if we didn't comply you just send it with what there's no well no I guess if they're investing us they do have an I tip okay so you send it to the i-10 there but I'm just trying to think how does this really work if you are a US because in one place in the world where you don't have to worry about FATCA is in the US right so if you're selling something.