FATCA

FATCA identification

One of the basic principles of JSC "MB Bank" is to comply with all the requirements of the legislation of the Russian Federation, as well as the requirements and laws with extraterritorial effects and affecting the activities of financial institutions of the Russian Federation.

The requirements of United States Law came into effect on July 1st 2014, the Foreign Account Tax Compliance Act (FATCA) in respect of individuals, on the January 1st, 2015 FATCA requirements for legal persons come into effect. JSC "MB" Bank" is registered in the United States Revenue Service (IRS) as a financial institution which joined the requirements of FATCA (Foreign Account Tax Compliance Act) and which is obliged to fulfill these requirements (Participating FFI).

JSC "MB Bank" has been assigned an GIIN (Global Intermediary Identification Number): AWQS7S.99999.SL.643.

The Bank has appointed a responsible employee for the execution of the requirements of FATCA Law.

In accordance with paragraph 3 of the Article 2 to the Federal Law dated 28.06.2014 №173-FZ "On the specifics of the financial transactions with foreign nationals and legal persons, on amending the Russian Federation Code of Administrative Offences and the Annulment of Certain Provisions of Legislative Acts of the Russian Federation ", the Bank has approved the procedure for the detection, identification and servicing of foreign taxpayer (US taxpayers), the criteria for classifying customers (counterparties) per category of foreign taxpayers (US taxpayers) and questionnaires in order to implement the requirements of US Law "On Foreign Account Tax".

О FATCA (Foreign Account Tax Compliance Act)

FATCA (Foreign Account Tax Compliance Act) is a Law of the USA "On taxation of foreign accounts", the purpose of which is countering evasion from the American taxpayers' income taxation in the USA, gained through financial institutions outside the USA. The American taxpayers regardless of the actual location of the entity include:

citizens of the USA;
American companies;
tax residents of the USA.

To follow the main purpose of FATCA i.e. control of financial accounts of American taxpayers, all financial and non-financial institutions shall:

identify their customers: both American companies or individuals and those of other countries;
provide Internal Revenue Service of the USA with information on investments and American tax residents' income and data on the entities, which refused to provide information for identification, and also on the entities, which are not participating in application of FATCA requirements.

Who has to participate:

financial institutions, located in the USA;
foreign financial institutions;
non-financial foreign organizations.

FATCA provisions provide for conclusion of an agreement by financial institutions with Internal Revenue Service of the USA by registration on the web-portal of Internal Revenue Service of the USA (IRS).

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FATCA

FATCA identification

О FATCA (Foreign Account Tax Compliance Act)

FATCA Documents