Regulatory Alerts2014-01-16
Added · Updated
BRPD Circular Letter No. 01: Foreign Account Tax Compliance Act of the United States
All banks operating in Bangladesh must register with the U.S. Internal Revenue Service and execute Participation Agreements to comply with the Foreign Account Tax Compliance Act, as no intergovernmental agreement has been executed. Banks are required to implement appropriate processes and controls to report information on accounts held by U.S. taxpayers. Before reporting any requested information to the IRS, banks must obtain written consents from their customers to address confidentiality obligations under Bangladeshi law, including the Bankers’ Books Evidence Act 1891. Banks are advised to communicate with existing customers in advance to enable them to provide necessary documentation or information.
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