GIB

Compliance

AML STATEMENT

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USA PATRIOT ACT CERTIFICATION

The USA PATRIOT Act and final rules issued by the U.S. Department of the Treasury require Covered Financial Institutions to obtain certain information from Foreign Banks for which they maintain correspondent accounts in the United States. Gulf International Bank B.S.C. and Gulf International Bank (UK) Limited have updated such a Certification for use by any Covered Financial Institution that requires it.



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Foreign Account Tax Compliance Act (“FATCA”)

The Foreign Account Tax Compliance Act (“FATCA”) is a United States (“US”) law that was signed on March 18, 2010 and has come into effect from 1 July 2014. FATCA was introduced by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (“IRS”) is aimed at foreign financial institutions (“FFIs”) and other financial intermediaries, to encourage better tax compliance by preventing US Persons from using Banks and other Financial Organizations to avoid US taxation on their income and assets through use of offshore accounts. The IRS has set up a framework to collect on a yearly basis from non-US financial institutions information relating to foreign income and assets held by US taxpayers outside the US. This regulation requires financial institutions to put in place procedures to identify their US clients. Otherwise, they will be subject to a 30% withholding tax for all financial flows from a US source or from the US that they receive on their behalf or on behalf of their customers.

Impact to GIB and our customers

FATCA could impact any customer of GIB, regardless of nationality or citizenship. This is because banks and other financial institutions are required to review the information they hold on their customers to ascertain their customers’ tax residency. The impact on customers shall also depend on factors such as:

  • the type of account you hold with the Bank,
  • the type of policy agreement you have with the Bank,
  • the countries you trade in.

 

If we do not have required information on file, we may contact you to provide additional documentation to certify your tax status. Please note that you may receive more than one request for information if you have multiple relationships with different members of the GIB Group. It is important that you respond to all requests for tax information even if you believe you have already supplied the requested information

If you have any further queries regarding FATCA/ local legislation and your tax position, please contact a tax advisor, as GIB is unable to provide tax advice.

 

 

 

ADDITIONAL INFORMATION
Your questions answeredRelated Links & Forms from IRS * *When you click on these links, you will be directed to a non-GIB website. www.gib.com has no control over the linked website and is not liable for your use of it.
GIB’s GIIN and Forms