FATCA is far reaching and can impact any person, U.S. or otherwise, to the extent that such a person is involved in making or receiving payments that fall within the scope of FATCA “withholdable payments”. The legislation imposes a reporting obligation on local financial institutions that have identified real or possible accounts for US Persons or entities that meet certain criteria.
When opening a new Clarien account, we may request additional information and documentation from customers to identify if a U.S. person has any ownership over the account or to determine an entity account holder’s classification status for FATCA purposes.
Clarien will also be reviewing all existing customers to ensure that U.S. owned accounts and entity accounts are correctly identified and reported where required. In some cases this will require us to request further information and documentation from customers.
Clarien will contact customers if information is required. However, please be advised that Clarien does not request account updates or information via email. If you receive suspicious email requesting account information, please do not respond to the message and forward the email to firstname.lastname@example.org. Please call Clarien at 1-441-296-6969 if you have any questions or concerns.
Clarien Bank representatives are available to answer questions regarding our financial services and FATCA compliance. However, if you have additional questions, you are encouraged to seek professional advice regarding any possible FATCA implications. The penalties for potential mistakes, criminal and or monetary, far exceed the cost of advice from a knowledgeable tax attorney or adviser.