Regulatory Alerts2014-01-01
Circular Letter No. 3 of 2014 Regarding the Implementation of the US Tax Compliance Law (FATCA)
The General Authority for Financial Supervision of Egypt issued Circular Letter No. 3 of 2014 to regulate the implementation of the US Tax Compliance Law (FATCA) for non-banking financial institutions under its supervision. The directive mandates these institutions to register with the US IRS, obtain a GIIN, and implement strict due diligence procedures to identify US persons and beneficial owners in both new and existing accounts. It further requires the establishment of internal compliance systems, the collection of specific taxpayer data, and the reporting of account balances and non-compliant accounts to the US Internal Revenue Service.
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