With the US Foreign Account Tax Compliance Act (FATCA) reporting deadlines approaching, foreign financial institutions (FFIs) should ensure they understand the impact of FATCA in their organisation and the compliance requirements they are subject to under the intergovernmental agreement (IGA), signed or agreed in substance, between the US and several countries in the GCC including: the Kingdom of Saudi Arabia (KSA), United Arab Emirates, Kuwait, Qatar, and Bahrain.