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Banking Regulations Compliance in Armenia: FATCA Requirements for Local Customers

As part of a global effort to ensure financial stability and protect customer interests, significant changes are being implemented by regulatory bodies, governments, and banks worldwide. One such regulation is the Foreign Account Tax Compliance Act (FATCA), which came into effect on July 1, 2014.

What is FATCA?

FATCA is a new legislation introduced by the United States Department of Treasury and the US Internal Revenue Service (IRS) to combat tax evasion in the US. The impact of this regulation will be felt across various industries, including banking.

HSBC Armenia’s Commitment to FATCA Compliance

HSBC Armenia is committed to becoming fully FATCA compliant in all countries where it operates. As a result, many personal and business customers will be affected by this new legislation. The degree of impact will vary depending on the type of account or agreement held with HSBC.

Documents Required for FATCA Compliance

To become FATCA compliant, HSBC requires certain documents from its customers to establish their tax status. These documents include:

• HSBC declarations and/or US tax forms that enable customers to declare and confirm their tax status for FATCA purposes
• Formation documents such as certificates of incorporation or similar documents confirming the place of incorporation

How to Submit Documents

Customers can submit completed documents at any branch of HSBC Armenia. For assistance with printing these forms or seeking advice on which document is appropriate for their company, customers can contact their Relationship Manager or call +374 (60) 655 000.

Additional Guidance and Support

HSBC advises customers to carefully read and select the relevant document for their situation. If unsure, customers are encouraged to seek guidance from a tax advisor, as HSBC cannot provide tax advice.

The bank may also reach out to customers to request additional information or documentation to verify their tax status under FATCA.

Available Resources

In addition to providing customers with guidance on IRS W Forms, HSBC has made available customer guidance for W-9 and W-8BEN-E. The bank is committed to supporting its customers in complying with FATCA regulations.

Special Requirements for Non-Profit Organizations and Charities

Non-profit organizations, charities, and associations may be required to submit the Non Profit Declaration form, while active non-financial foreign entities must complete the Active Non Financial Foreign Entity Declaration form. Both forms are available on the HSBC website.

Compliance Reminder

To ensure compliance with FATCA regulations, customers are urged to respond promptly to all requests for information, even if they believe they have already provided the required documentation. This is particularly important for customers who have multiple relationships with different members of the HSBC Group.