Foreign Account Tax Compliance Act (FATCA)
FATCA seeks to establish your US tax status
The Foreign Account Tax Compliance Act (FATCA) is United States (US) legislation and the first multi-jurisdictional client tax information transparency regime to be enacted into law. In particular, it seeks to determine the ownership of assets and financial accounts held by US Persons outside the US. This is achieved by stringent reporting obligations for financial institutions and jurisdictions that have agreed to adopt it, so as to establish the US tax status of such persons.
Standard Chartered (the Bank) must comply with the requirements of FATCA and is committed to increasing awareness of those requirements to the Bank’s clients.
Take a look at the questions below to better understand how FATCA may impact you or your business banking experience.
- What is FATCA?show/hide
FATCA is US legislation aimed at preventing tax evasion by US Persons (which includes companies) through the use of overseas accounts, and improving tax compliance between the US and financial institutions/jurisdictions that have agreed to adopt it.
FATCA came into effect on 01 July 2014.
- Why is the Bank complying with FATCA?show/hide
FATCA is a multi-jurisdictional client tax information transparency regime that represents a significant shift in how governments look to use client tax information sharing arrangements as a mechanism to increase client tax information transparency and ensure greater tax compliance.
Like many leading financial institutions, the Bank must comply with FATCA in all locations and in accordance with Intergovernmental Agreements (IGAs) between US and participating jurisdictions, where it is applicable.
- Why is the Bank asking for FATCA forms from you?show/hide
Compliance with FATCA may require the Bank to collect additional documentation from you, as the Bank’s client, in order to establish your US tax status.
FATCA may impact your banking experience with us based on the following factors:
The type of account you hold with the Bank;
The countries where you or your business has a relationship with the Bank;
Whether you are a US Person.
Where FATCA reporting obligations arise, the Bank may be obligated to report, on an annual basis, information regarding financial accounts held by you to either the US tax authority, the Internal Revenue Service (IRS), or a local tax authority in accordance with the IGA that has been entered into between the US and the country’s governing authority.
- What can you expect as a result of this regulatory obligation?show/hide
The Bank will continue to monitor and contact clients requesting them to confirm their US tax status and provide the Bank with the relevant FATCA form. Further, where circumstances require, the Bank may need additional information and documentation from you. This includes, in some cases, your submission of a new FATCA form, even if you have submitted such a tax form to the Bank in the past.
It is important to highlight that the Bank may be obligated to withhold 30% on certain US-sourced payments made to certain clients. Therefore, you must provide to the Bank the valid details and documentation to establish your US tax status by providing one or more of the following FATCA forms as detailed in the section ‘Download the FATCA forms’.
- What is a Global Intermediary Identification Number (GIIN), and where can I find the relevant GIIN for a Standard Chartered entity?show/hide
The US Internal Revenue Service (IRS) assigns a number to those entities that are participating in FATCA and involved in the annual reporting. This number is also referred to as a Global Intermediary Identification Number (GIIN).
Download the FATCA forms
Links to the relevant forms are available below.
Please complete the form that is most appropriate to you. Once completed, return the form(s) to your Relationship Manager or at one of the Bank’s branches in original or copy together with relevant supporting documents.
- Non-US Persons (Entities)show/hide
Entity Tax Declaration Form - FATCA Instructions for Entity Tax Declaration Form - FATCA Provided by certain Non-US entities Form W-8BEN-E Instructions for Form W-8BEN-E Provided by Non-US entities (generally as beneficial owner) Form W-8IMY Instructions for Form W-8IMY Provided by Non-US entities acting in an intermediary capacity, foreign flow-through entities, or certain US branches of foreign corporations Form W-8EXP Instructions for Form W-8EXP Provided by exempt entities such as governments, international organisations, central banks of issue, tax-exempt organisations, private foundation; government of a US possession Form W-8ECI Instructions for Form W-8ECI Provided by persons that receive effectively connected income - e.g. as a result of conducting a US trade or business through a US branch
- Non-US Persons (Individuals)show/hide
Form W-8BEN Instructions for Form W-8BEN Provided by Non-US individuals
- US Persons (Individuals and Entities)show/hide
Form W-9 Instructions for Form W-9 Provided by a US citizen, US resident, US partnerships, US trusts or US corporations (including certain branches of such entities outside the US)
- Form W-8BEN-E client guidanceshow/hide
Form W-8BEN-E Client Guidance Translated versions of the Form available in 12 languages Provides information to clients with respect to completing an IRS Form W-8BEN-E. Also included are FAQs and a glossary section
For assistance in determining your US tax status or in completing the relevant tax forms, please visit the US IRS FATCA website, or seek professional tax or legal advice. Neither the Bank, nor any of the Bank's employees, are able to assist in these matters.
Please note that nothing on this page constitutes tax advice, and you are encouraged to seek professional advice before providing the Bank with a completed FATCA form. The Bank is unable to accept responsibility if the incorrect form is completed or if there are errors on the submitted form.
The Bank’s compliance with FATCA in each country will be in accordance with any Intergovernmental Agreement (IGA) that a government has entered into with the US for the purposes of FATCA and in accordance with local legislation.
Our standards and policies
We challenge how our customers operate by ensuring the projects we finance meet key standards.
We have 6 committees in total, responsible for various areas of the Bank.
Get definitions of key FATCA terminology.