Aman Bank FATCA Compliance

Aman Bank for Commerce & Investment in Libya has successfully registered with the US - IRS, as a Participating Foreign Financial Institution being fully compliant with FATCA regulations, in accordance with approval of the Central Bank of Libya.

What is FATCA?

The Foreign Account Tax Compliance Act (“FATCA”) is a U.S. law whose objective is to prevent tax evasion by U.S tax payers. The Internal Revenue Service (“IRS” – U.S. tax authorities) has set up a framework to collect on a yearly basis from non-U.S. financial institutions information relating to foreign income and assets held by U.S. taxpayers outside the United States.

Starting 1st July 2014 financial institutions such as Banks, life insurance companies, asset management institutions and investment funds, custodians, etc. will have to put in place procedures to identify their U.S. clients. During the year 2015, the financial institutions will start reporting to the U.S. tax authorities the identity and the tax identification number of their U.S. clients as well as their accounts’ balance.

Position of Aman Bank:

As part of its FATCA compliance program, Aman Bank for Commerce & Investment Ltd has registered as a participating FFI with the US Internal Revenue Service (IRS) and has received a global intermediary identification number (GIIN), NUMBER: U1C8NQ.99999.SL.434. This is included in the current list of FATCA compliant institutions published by the IRS. 

Who does FATCA impact

FATCA is far-reaching and can impact any person, individual or entity, U.S. or foreign, to the extent that such person is involved in making or receiving payments under FATCA scope. While FATCA certainly affects U.S. withholding agents and U.S. multinational companies, its greatest impact is on foreign financial institutions (FFIs). Aman Bank is proactively implementing changes to its current business practices in order to comply with FATCA while best serving its clients and counterparties.

For more information, please see the official IRS Website:

http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA.

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