Regulatory Alerts2014-01-28
Added · Updated
DFIM Circular Letter No. 03: Foreign Account Tax Compliance Act of the United States
Financial institutions licensed under the Financial Institution Act, 1993 are advised to register with the U.S. Internal Revenue Service and execute Participation Agreements to comply with the Foreign Account Tax Compliance Act. These institutions must implement appropriate processes and controls to report account information regarding U.S. taxpayers. Before reporting such information, financial institutions are required to obtain written consents from their customers to address confidentiality obligations under Bangladeshi law. Institutions are further advised to communicate with existing customers in advance to enable them to provide necessary documentation.
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