FATCA: Is a United States federal law enacted in 2010 and went into force on 1st July, 2014. The Act combats tax evasion of US expatriates who own financial accounts and assets outside the US by requiring Foreign Financial Institutions (FFIs) to submit reports of US customers and their wealth.
U.S account: a U.S account is an account maintained by a U.S person (whether individual or entity) or by a foreign entity with U.S ownership of more than 10% of the capital, whether directly or indirectly.
Documents required from IIB Clients:
Foreign Account Tax Compliance Act. (FATCA)
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