OREANDA-NEWS. June 17, 2014. In order to comply with the Foreign Account Tax Compliance Act, the banking group Nordea has registered its subsidiaries with the US Internal Revenue Service, including OJSC Nordea Bank which was assigned a status of Limited FFI.

This status implies compliance with those FATCA requirements only, which do not contradict the legislation of the Russian Federation.

Igor Bulantsev, Chairman of the Management Board of OJSC Nordea Bank: “One of the key operational principles of the banking group Nordea is strict observance of the legislation of each country of Nordea’s presence. That is why, given the suspended negotiations between the US and Russia on execution of the intergovernmental agreement on FATCA, and also a number of inconsistencies between the legislation of the Russian Federation and FATCA, the Group made a decision to register OJSC Nordea Bank as Limited FFI. As soon as the legislation of the Russian Federation allows to fully comply with FATCA, OJSC Nordea Bank’s participation status will be changed to Participating FFI.”