On 18th March 2010 the United States (US) Government enacted The Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. Capital Security Bank Limited and subsidiaries are considered FFIs and therefore required to comply.
Capital Security bank Limited and all subsidiaries are committed to upholding customer confidence and to keeping customer and client information confidential and secure. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.
Steps Required for FFIs to be compliant with FATCA regulations:
FREQUENTLY ASKED QUESTIONS:
FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law on by the United States (US) Congress on 18 March 2010 and effective January 1, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.
Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.
A Capital Security Bank cash account will give you access to 25+ different currencies, fixed deposits and world wide money transfers all under the umbrella of a single account number. Click the link below to find out more.