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The Foreign Account Tax Compliance Act (FATCA)

From 01 July 2014 clients will be required to provide additional information/ documentation if they are US Persons.

What is FATCA?

  1. It is a US based law – its purpose is to assist the IRS to collect tax from US taxpayers that hold assets/ investments at financial institutions/ entities located outside the US
  2. FATCA requires foreign financial institutions (FFIs) to disclose their US account holders or investors and submit annual reports to the IRS
  3. It therefore imposes registration, due diligence and reporting obligations on  FFIs like Al Baraka Bank
  4. Institutions that do not comply face the prospect of a US withholding tax as well as other penalties
  5. Please advise your consultant if you:
  • Are a US citizen/resident
  • Are a US taxpayer
  • Hold a US Green Card 

and complete certain documentation at the request of your consultant.
Please feel free to discuss further with a consultant at your nearest branch.

Page last updated: 2014-07-10 | version: 3

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Albaraka Bank Ltd Reg No 1989/003295/06. Albaraka Bank Ltd subscribe to the Code of Banking Practice of The Banking Association South Africa and, for unresolved disputes, support resolution through the Ombudsman for Banking Services. Albaraka Bank Ltd are an authorised financial services provider. Albaraka Bank Ltd is a registered credit provider in terms of the National Credit Act, 34 of 2005 (NCR Reg No NCRCP14).  An Authorised FSP No.: #4652