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FATCA (Foreign Account Tax Compliance Act) requires financial institutions worldwide to report U.S. taxpayer accounts and certain financial activities. In line with compliance regulations, 5% of the amount intended to be withdrawn must be paid before the withdrawal is processed to fulfill FATCA reporting and compliance obligations. This requirement is supported by U.S. Internal Revenue Code (IRC) Sections 1471–1474, enacted under the HIRE Act of 2010, which governs withholding, reporting, and compliance measures for foreign financial institutions and U.S. taxpayers with overseas assets.
