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What is FATCA?
In 2010, the United States (US) Treasury announced the Foreign Account Tax Compliance Act (FATCA). It is intended to prevent tax evasion by US citizens, residents and organisations through the use of offshore accounts and is a key change for international information exchange policy. Under FATCA, Financial Institutions must comply with a number of obligations, including reporting on accounts held by US persons, including organisations.
A number of governments, including the UK, have signed agreements to exchange data with the US. Triodos Bank must check customer records and accounts to identify US account holders and report information on them. To do this we introduced new procedures from 1 July 2014.For more information please visit www.irs.gov or speak to your tax advisor.
More from the same category of FAQs:
- Triodos Bank's EU Referendum statement
- What are the International Tax Compliance Regulations?
- Why do Triodos use RBS as their clearing bank in the UK?