FATCA flag

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 diasporabanking@diaspora.co-opbank.co.ke

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