What is FATCA ? Or Foreign Account Tax Compliance Act

 FATCA  is the abbreviation of 5 English words which are "Foreign Account Tax Compliance Act".

It is a federal law of the United States aimed at respecting the requirement that American people, including those living outside the United States, submit annual reports on their non -American financial accounts to the Financial Crimes Application Network Fincen.

It was promulgated in 2010 and entered into force in 2014

Foreign financial institutions are required to communicate annually to the IRS (Returned Service internal), to the American tax authority, details of any American account to allow automated cross -checking with their individual tax declarations.

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🏦 Other information on Fatca

The FATCA will only affect customers classified as "American individuals/entities" for tax purposes in the United States of America, and they are:

• Customers who hold American citizenship, whether by birth or through citizenship and naturalization.

• Customers who have the American green card/ accommodation.

• The non -American entities, most of which have a person/American people.

This law obliges all the customers of the new and current commercial bank who wish to open additional accounts with the Commercial Bank by filling out, signing and submitting it with other documents to open accounts.