The HIRE Act incorporating the Foreign Account Tax Compliance Act (FATCA) became law in the United States (U.S.) in March 2010 as part of a worldwide initiative to tackle tax evasion and avoidance.
The U.S. introduced FATCA to create a framework that would identify and discourage tax evasion by U.S. citizens and entities by imposing an obligation on Foreign Financial Institutions to provide information back to the US Internal Revenue Service (IRS) on such clients.
We are and intend to remain FATCA compliant in all countries where local law makes it compulsory or will allow it. As a bank, we will also ensure that it complies with all other tax compliance regimes that are in the process of being introduced.
Through the FATCA Self Certification form we request information on the following sections:
- Tax Residency
- FATCA Classification
- Information on Controlling Persons
- Privacy Notice and Confidentiality
For inquiries related to this topic, please contact our Due Diligence Team: