Foreign Account Tax Compliance Act (FATCA)

FATCA stands for Foreign Account Tax Compliance Act issued by USA with the main purpose to prevent tax avoidance by U.S. person through opening accounts or investing in Foreign Financial Institutions.

FATCA requires foreign financial institutions and commercial banks to establish mutual agreement and report to the Internal Revenue Service: IRS about financial information and transactions of US accounts held by individual US citizens and US-Owned Foreign Entity. In case that financial institutions or commercial banks refuse to collaborate with FATCA will be imposed a penalty of withholding tax.

According to the Bank operating transactions with financial institutions and commercial banks worldwide, this collaboration aims to prevent facing a withholding tax or a transaction reject from other financial institutions which may affect customers’ transactions. In this regard, the Bank requires customers’ cooperation to respond questionnaire and submit additional documents. The Bank reserves the rights to consider closing customers’ accounts in case that particular customer deny responding the questionnaire or submitting the Bank additional documents related to FATCA.

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