Compliance

FATCA is a U.S. law that came into force on 01.07.2014 and whose objective is to combat tax evasion by U.S tax payers. It applies on a worldwide basis and affects all financial institutions , their customers and counterparties.

In a large number of countries, including Switzerland, Singapore and Hong Kong, FATCA implementation is governed by an intergovernmental agreement with the United States and of national implementing provisions.

FATCA requires non-US financial institutions (including banks) to identify their U.S. customers, to identify the FATCA status of their counterparties, and to transmit to the US tax authority (Internal Revenue Service, “IRS”) information regarding assets and arising income which they benefit, directly or indirectly.

FATCA also requires most non-US financial institutions to register with the IRS and obtain a FATCA identification number (Global Intermediary Identification Number , " GIIN "), also used for the identification of their FATCA status vis-à-vis their counterparties.

CA Indosuez Switzerland (Lebanon) SAL’s FATCA status is not subject to registration with the IRS; as a result, it does not hold a GIIN.

FATCA does not just impact our establishment, but also our customers and counterparties, the documentation of their status, our business policy and reporting and withholding processes.

The status of our customers and counterparties for U.S. tax purposes must be documented in establishing new business relations through a self-certification. It must be identified, and generally also documented through a self-certification, with respect to existing business relationships. Finally, it must be updated upon changes in circumstances. Our establishment may therefore need to contact its customers and counterparties in order to obtain clarifications and additional documentation to confirm their FATCA status. For US customers, a statement authorizing the transmission of their data is also required.

Customers and counterparties that do not timely provide the necessary information must be reported to the US tax authorities on an aggregated basis and are exposed to a 30% withholding on certain U.S. source income, as well as to be the subject of an extensive exchange of information in the event of a request for assistance from the IRS based on a treaty in force.

FATCA reportings made by our Bank do not replace your own tax reporting obligations to any competent tax authorities.

This information cannot be construed as a tax advice. Please consult the IRS website for more information (www.irs.gov) and a qualified professional, aware of your personal situation, for any professional tax advice.