Disclosure of information according to FATCA

28 Jan 2015

The Government of the Republic of Moldova adhered to FATCA (Foreign Account Tax Compliance Act) obligations on November 26th 2014, by signing the FATCA intergovernmental agreement Model 2 (IGA 2, see the link: https://www.treasury.gov/resource-center/tax-policy/treaties/pages/fatca-archive.aspx. Therefore, the reporting of clients which fall under FATCA obligations will have a mixed character: both the US tax authority (IRS – Internal Revenue Service), and the local authorities.

FATCA is a US regulation, which objective is to require foreign financial institutions (outside the US) or FFIs to report to American tax authorities (the Internal Revenue Service or IRS) the income of direct and indirect beneficiaries who are US taxpayers concerned by the legislation. This is intending to allow the IRS to automatically cross check the data provided by financial institutions worldwide with the annual tax returns of these American taxpayers.

„Mobiasbanca - Groupe Société Générale” SA recognizes the importance of applying the FATCA requirements in its activity. The bank has been registered on the web site of US Internal Revenue Service (IRS) as „Participating Foreign Financial Institution” (PFFI) and obtained the FATCA identification number – „GIIN code” („Global Identification Number”): QQA6ZW.00136.ME.498.

According to the FATCA obligations, „Mobiasbanca - Groupe Société Générale”, as PFFI must comply with the requirements of identification, collection of data and reporting of accounts held directly or indirectly* by subjects which fall under FATCA obligations.

Therefore, during the process of entry in relationship with the bank, all individuals and legal entities who have US tax residence will fill the W-9 form and the Authorisation related to W-9 form, which will allow the bank to communicate the client’s information to the IRS. In case when the tax residence country is not USA, but the clients are identified with at least one of US indicia, these clients will fill the W-8BEN form (for individual clients) and the W-8BEN-E (for legal entities clients).

Also, each client of the Bank, individual or legal entity, without exception, must self-certificate regarding the existence of absence of US indicia, by filling the dedicated fields from the Questionnaire of entering in relationship with the bank.

BC „Mobiasbanca - Groupe Société Générale” SA counts on your confidence in order to ensure the compliance of the banking activity with the legislation in force.

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 * Indirect ownership refers to individuals with US indicia, which owns direct or indirect a substantial quota (at least 10% or more) from the social capital of the legal entity, client of the bank.