FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)

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 stasus 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 US citizen or resident
• US place of birth
• US resident or mailing address
• US telephone number
• Standing instructions to transfer funds to a US based account
• Power of attorney or signatory authority granted to person with US address; or
• In care-of or hold mail address that is sole address of account holder
• A corporation created or organised in the US or under the law of the US.

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@diasporaold.belva.co.ke