Compliance with FATCA requirements

Vozrozhdenie Bank acts in compliance with all the requirements of the Russian legislation as well as extraterritorial requirements and laws concerning the financial institutions activity in Russia.
On July 1, 2014 Foreign Account Tax Compliance Act (FATCA) issued by the US authorities came into legal force for individuals, FATCA for legal entities came into legal force on January 1, 2015. Vozrozhdenie Bank has registered in the US Internal Revenue Service (IRS) with a status of FATCA Participating FFI.
Our Global Intermediary Identification Number (GIIN) is XHF4KB.00000.LE.643.

The bank appointed a FATCA Responsible Officer. It also has approved the FATCA Identification Rules for individuals and FATCA Identification Rules for corporates (“Rules”).

Criteria for identification of foreign taxpayers— individuals are determined in Annex 2 to the corresponding Rules — Annexation #2 to the Rules (Russian version) (PDF, 102.9 KB).

Criteria for identification of foreign taxpayers — corporates are determined in Annex 2 to the corresponding Rules —Annexation #2 to the Rules (Russian version) (PDF, 157.8 KB).

The clients — foreign taxpayers fill in a Self-certification Form for the purposes of FATCA identification.

Self-certification Form for individuals (Russian version) (PDF, 318.6 KB)

Self-certification Form for financial institutions (Russian version) (PDF, 360.5 KB)

Self-certification Form for corporates registered / established in the USA (Russian version) (PDF, 202.5 KB)

Self-certification Form for corporates having an American resident among controlling persons with a share of more than 10% (Russian version) (PDF, 367.9 KB)

Frequently asked questions

What is FATCA?

FATCA is the Foreign Accounts Tax Compliance Act that has been adopted as a part of Hiring Incentives to Restore Employment (HIRE) Act of 2010.

FATCA is aimed at prevention of tax evasion by the US residents. Therefore, it stipulates several requirements to the foreign financial institutions on information disclosure and identification of US taxpayers to reveal persons avoiding US taxation by concealment of assets from the US tax authorities.

Details on FATCA are available at the IRS official website http://www.irs.gov.

What are the obligations of financial institutions for the purposes of FATCA?

For the purposes of FATCA financial institutions identify US tax residents among their clients and report information on their financial accounts on the annual basis.

When does FATCA come into force?

For individuals, individual entrepreneurs and persons engaged in private practice identification procedures for the purposes of FATCA came into force on July 1, 2014. For legal entities identification procedures will come into force on January 1, 2015.

What impact will FATCA have on US tax non-residents?

For the purposes of identification a client being US tax non-resident should mark off the relevant box of the Questionnaire or the Agreement. If necessary, a bank’s representative may provide a client with the Self-certification form for the purposes of FATCA identification to be filled in with underlining that the client is not a US tax resident.

FATCA does not imply any obligations for financial institutions to inform the Internal Revenue Service about persons being US tax non-residents. Therefore, if a client is not a US tax resident, FATCA will have no impact on her/him/it.

What documents should be provided by a US tax resident?

For the purposes of identification of US tax residents, clients should mark off the relevant box of the Questionnaire or the Agreement. Persons, who has confirmed their US tax residency, are offered to fill in the Self-certification form for the purposes of FATCA identification in which they should indicate a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).

Moreover, US tax residents should give their consent to provide their personal data and information on financial accounts, balances, and turnovers to the Internal Revenue Service. In accordance with the Federal Law № 173-FZ dated June 28, 2014, the consent to provide the information to the Internal Revenue Service implies the simultaneous consent to provide such information to the Bank of Russia, to the federal executive body authorized to fulfill functions on combating money laundering and financing of terrorism, and the federal executive authorized body on taxes and levies control.

The bank has a right to request a client for additional documents to be provided within fifteen business days from the date of sending of the request.

What consequences are to follow after the refusal of a US taxpayer to provide the information on her/his/it tax residence and after the refusal to give consent for provision of the information to the Internal Revenue Service?

In accordance with the Article 4 of the Federal Law № 173-FZ dated June 28, 2014 “On peculiarities of financial operations with foreign residents, on introducing changes to the Administrative violations Code of the Russian Federation and on revocation of particular provisions of the legal acts of the Russian Federation”:

  • in case of failure to provide information being necessary for identification of a client as a client-foreign taxpayer, by a client concluding an agreement in respect of which a credit institution has a reasonable, document supported assumption that a client is a foreign taxpayer, and (or) in case of failure to provide the consent (refusal to provide the consent) to transfer the information to a foreign tax authority by a client-foreign taxpayer within fifteen business days from the date of sending the request by a credit organization, the credit organization has a right to deny conclusion of a bank account (deposit) agreement or any other agreement for provision of financial services to the client.
  • in case of failure to provide information being necessary for identification of a client as a client-foreign taxpayer, by a client-foreign taxpayer in fifteen business days from the date of making decision to decline transactions, and (or) in case of failure to provide the consent (refusal to provide the consent) to transfer the information to a foreign tax authority by a client-foreign taxpayer, the credit organization has a right to terminate a bank account (deposit) agreement or any other agreement for provision of financial services to the client, with prior written notification of the client-foreign taxpayer not earlier than thirty business days before the termination date.
  • in case of receipt of money on the bank account (deposit) of the foreign taxpayer after the credit institution’s decision to decline the operations, such credit institution should return the payments on the payer’s accounts in the sender’s banks.

What are the features of identification of legal entities for the purposes of FATCA?

Procedures of identification of corporates for the purposes of FATCA came into force on January 1, 2015.
Self-certification Form should be submitted to the bank in the following cases:

  1. Your company is a financial institution;
  2. Your company is registered/ established in the USA or on the US territories;
  3. There is an individual — USA taxpayer or a legal entity registered / established in the USA among controlling persons who directly or indirectly own more than 10% share in your company.