Regulatory Alerts2014-04-01
Circular CN-BSD/2014/2: Compliance with US FATCA Requirements for Maldivian Banks
The Maldives Monetary Authority mandates that all banks register with the U.S. Internal Revenue Service by April 25, 2014, to comply with the Foreign Account Tax Compliance Act and avoid a 30% withholding tax. Banks are required to implement due diligence procedures to identify U.S. Person accounts and obtain written customer consent before reporting account information to the IRS. The circular outlines the online registration process, the issuance of Global Intermediary Identification Numbers, and the specific obligations for participating foreign financial institutions.
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