Foreign Account Tax Compliance Act

In connection with the signing of FATCA Model 2 Intergovernmental Agreement on November 26, 2014 by the Government of the Republic of Moldova, BC „Victoriabank” SA had been registered with the IRS (U.S. Internal Revenue Service) with the status of Registered Deemed-Compliant - Reporting Model IGA2.

The Global Intermediary Identification Number (GIIN) of BC „Victoriabank” SA is B9XN3D.99999.SL.498.

FATCA is the acronym of the American Foreign Account Tax Compliance Act. According to FATCA, financial institutions operating outside of the U.S. must:

  • Identify and obtain information about customers and business partners. This information is necessary for determining the U.S. Reportable Customers;
  • Report annually the available information about reportable customers.

The aim of FATCA is to prevent tax evasion by American taxpayers through the intermediary of Financial Institutions operating outside of the U.S. or offshore investment tools and by hiding their properties from the U.S. tax authorities ("IRS"). FATCA is applicable to all Financial Institutions operating outside of the U.S. (Foreign Financial Institutions - „FFI”) and other financial intermediaries. If BC „Victoriabank” SA fails to observe FATCA provisions, all its proceeds and the proceeds of its clients flowing from the transactions made/initiated in the U.S.A., as well as dividends and interests paid by American corporations, shall be subject to a 30% tax withholding.

Therefore, BC „Victoriabank” SA, as well as other Moldovan banks, decided to implement the changes required by FATCA. Customers identified as U.S. Persons shall be reported to IRS starting from 2015.

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