The Foreign Account Tax Compliance Act (FATCA) is a U.S law intended to promote better tax compliance by ensuring that U.S persons (citizens & residents) with assets held outside of the U.S are tax compliant with U.S tax laws.
FATCA requires Participating Foreign Financial Institutions (PFFI) to identify the FACTA status of their customers.
As a participating FFI, Co-operative Bank is required to identify all U.S persons who bank with us using the following indicators
- Identification of account holder as U.S citizen or resident
- U.S place of birth
- U.S resident or mailing address
- U.S telephone number
- Standing instructions to transfer funds to a U.S based account
- Power of attorney or signatory authority granted to person with U.S address; or
- In care-of or hold mail address that is sole address of account holder
- A corporation created or organised in the U.S or under the law of the U.S
Individual customers are required to complete for W-9 and for corporates FORM W-8BENE.
In case you have any queries please feel free to contact our Diaspora Banking Centre at firstname.lastname@example.org