Foreign Account Tax Compliance Act
"ID Bank" CJSC filly meets the USA FATCA requirements, follows its compulsory provisions and agreements. Among the other requirements with regards to FATCA "ID Bank" CJSC must:
- review, evaluate and update information on all its clients (Know Your Customer!)
- acknowledge if any of its clients is a US person. Any individual or legal entity is a US person if meets any of the following criteria:
- an individual with a US passport or green card,
- an individual born or residing in the United States,
- an individual with US address, phone number, index or involved in the US related activities,
- according to the US laws the individual is a tax resident of the USA due to long term residence or on other grounds,
- legal entity is a US company,
- legal entity is a US co-operation,
- legal entity is owned by US person,
- legal entity is a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust, and one or more United States persons have the authority to control all substantial decisions of the trust
- legal entity’s significant owner is a US person,
- an individual makes a lot or payment orders on the US account,
- an individual appointed an authorized representative, with a US address.
- If any of the abovementioned criteria is identified, the account holder must provide the Bank with appropriate information and documents within a specified period, which will allow to identify if the account holder is US taxed person, as well as any other information required by the Bank. "ID Bank" CJSC undertakes to provide such information to the US tax authorities. The above stated information refers to the account holder and the beneficial owner.
- With this regard under the FATCA requirements the US taxed person must waive the right for banking secrecy for the benefit of US tax authorities and authorize "ID Bank" CJSC to disclose his/her account number and related information to the US tax authorities.
- to classify the account holder as “recalcitrant account holder”, as specified by FATCA requirements, if the account holder:
- refuses to provide any information or document to "ID Bank" CJSC within the specified period, or
- refuses to wave the right of banking secrecy for the benefit of US tax authorities.
- provides inappropriate or inconsistent information or documents, or provides such information, which "ID Bank" believes to be inappropriate or inconsistent on the basis of information acknowledged to the Bank,
- Should the Bank classify the account holder as the “ recalcitrant account holder”, the Bank must collect interest subject to FATCA collections (usually 30%) from the revenue of the client and /or block the account and terminate banking relations with such client.
Please take into account that the above stated information rises of our understanding on some provisions of FATCA and the requirements we need to apply with this regard. Nevertheless, taking into consideration the fact that we are not US tax system experts, the interested parties should apply to the IRC directly and/or specialist and experts advised by the IRC for detailed clarifications. Consequently, under no circumstances we are held liable for above stated understandings and with regard to the processes we need to apply within FATCA requirements.
This letter of information is an integral part of agreements regulating relations between "ID Bank" CJSC and the account holder and takes effect since the date of being noticed to the client.
FATCA QUESTIONNAIRE- LEGAL ENTITY FATCA QUESTIONNAIRE-INDIVIDUAL
Anti-Money Laundering Questionnaire