PKO Bank Polski S.A. Requires Clients to Declare FATCA Status

Introduction

In accordance with the Foreign Account Tax Compliance Act (FATCA), PKO Bank Polski S.A. is requiring clients who have signed contracts for financial accounts to declare their FATCA status.

What is FATCA?

The term “Specified U.S. Person” refers to a United States partnership or corporation organized in the United States or under its laws, excluding certain entities such as those listed on a securities market, US banks, organizations exempt from taxation, and federal or state entities.

Declaration Requirements

Clients who signed contracts for financial accounts with PKO Bank Polski S.A. between July 1st, 2014, and November 30th, 2015, will need to complete and submit the FATCA status declaration by December 1st, 2015. Failure to do so may result in their account being blocked.

Account Blocking

The blockade of a financial account will prevent clients from using the assets held in the account until the completed and signed declaration is received. The unblocking of the account will occur within three working days after receipt of the declaration.

Ongoing Monitoring

For clients holding FATCA financial accounts as of June 30th, 2014, PKO Bank Polski S.A. is required to confirm their tax statuses based on available documents and data, and monitor changes in circumstances that may affect their tax residence.

Additional Documentation

PKO Bank Polski S.A. will request additional documentation or clarification from clients if necessary to verify the credibility of their declarations. Refusal to provide such information will result in the classification of the financial account as a reportable account.

Reporting Requirements

The bank is also required to inform the minister responsible for public finance or another authorized body about the financial accounts maintained for clients who are Specified U.S. Persons or Passive Non-Financial Foreign Entities controlled by taxpayers of the United States, in order to enable the authorities to transfer data to the US tax administration.

Compliance

PKO Bank Polski S.A. emphasizes the importance of complying with FATCA regulations and urges clients to submit their FATCA status declarations promptly to avoid any potential issues with their financial accounts.