OREANDA-NEWS. The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that aims to prevent U.S. tax-residents from fiscal evasion and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. clients. FATCA requires foreign financial institutions to register on the IRS web-site to define their FATCA participation status and get identification number of FATCA participant (GIIN).

At the end of April 2014 all banks of OTKRITIE group successfully completed the registration process on the IRS web-site with FATCA statuses PFFI*.

FC Otkritie Bank GIIN

FC Otkritie Bank (former NOMOS-BANK) 8LEI23.00005.ME.643

OTKRITIE Bank JSC 8LEI23.00004.ME.643

BANK OF KHANTY-MANSIYSK JSC WAIGTZ.99999.SL.643

Novosibirsk Municipal Bank JSC 8LEI23.00003.ME.643

As of now, all banks of the Group have appointed bank officers responsible for communications with the IRS and overall compliance with FATCA, and are implementing the relevant changes with regard to clients identification, tax withholding, reporting procedures and IT systems in order to comply with FATCA requirements.

Starting from 01.07.2014, new customers (accounts) due diligence/identification procedures are to be launched.

*PFFI - Foreign Financial Institution that enters into an agreement with the IRS to undertake certain due diligence, withholding and reporting requirements for U.S. account holders.