Compliance

FATCA


Bank 131 LLC hereby informs you that, per Federal Law of Russia No. 173-FZ dd. June 28, 2014 "On the specifics of performing financial transactions with foreign citizens and legal entities; on the changes to the Code of the Russian Federation on Administrative Offenses and repeal of several provisions of Russian legislation" and Foreign Account Tax Compliance Act (FATCA, US Federal Law), Chapter 4 of the US Internal Revenue Code (which obliges non-US financial institutions to identify customers that are US taxpayers, their beneficiaries, and/or persons directly or indirectly controlling thereof, and transfer information regarding the funds on their accounts to the Internal Revenue Service), the Bank registered with the Internal Revenue Service (IRS).

Bank 131 LLC was registered as Participating Foreign Financial Institution (PFFI) and received a Global Intermediary Identification Number (GIIN): 4NB0VB.99999.SL643.

The main purpose of FATCA is combating tax avoidance in the US jurisdiction by US taxpayers, concerning their incomes generated through non-US financial institutions.

Since January 9, 2020, the Bank has been collecting information that allows identifying the affiliation of a person that resorted to the Bank for business purposes, to persons subject to the foreign country's legislation on taxation of foreign accounts.

When concluding an agreement on any service, you need to fill out the Bank's questionnaire containing supplementary FATCA information (the Questionnaire). Also, to confirm the customer's tax residence, the Bank's employee is entitled to ask specification questions and ask to fill out the Self-Certification Form:

Please note that the Bank does not consult on the FATCA application. In case of any questions, please resort to a professional tax advisor. Also, in case of any questions regarding the essence and application of FATCA, please resort to the website of the Internal Revenue Service: https://www.irs.gov/


Information for Individual Customers

The Bank is entitled to require you to provide the following supplementary documents based on what you specify in the Questionnaire:

  1. You are a US citizen/US taxpayer. You need to provide the filled Form W-9 (please find the form on the website of the Internal Revenue Service): http://www.irs.gov/pub/irs-pdf/fw9.pdf).
  2. You were born in the US but you are not a US citizen. You need to provide the following:
    1. DS 4083 — Certificate of Loss of Nationality of the United States of the Bureau of Consular Affairs of the United States Department of State

      or
    2. pleadings on no nationality of the United States (e.g. a reason why you did not obtain nationality after birth).

Information for Legal Entities

The Bank is entitled to require you to provide the following supplementary documents based on what you specify in the Questionnaire: Forms W-9 and W-8 and other documents.

CRS


Common Reporting Standard (CRS) is an automated financial account data exchange standard developed by the Organisation for Economic Co-operation and Development.

CRS is an international analog of FATCA aimed at improving taxation transparency and preventing global tax avoidance.

In May 2016, Russia confirmed its engagement in CRS compliance. Per Federal Law of Russia No. 340-FZ dd. November 27, 2017 "On amendments to Part 1 of the Tax Code of Russia due to the international automated data and document exchange regarding international groups", persons concluding (or those having concluded) a financial service agreement with the Bank are obliged to provide the Bank with tax residence information regarding themselves, their beneficiaries, and/or persons directly or indirectly controlling thereof.

The Tax Code of Russia contains some provisions according to which Russian banks are obliged to identify the customers, beneficiaries, and/or persons directly or indirectly controlling thereof, who are tax residents of foreign countries (jurisdictions), and provide information on them and their accounts to the Federal Tax Service of Russia.

In compliance with the Tax Code of Russia, customers are obliged to provide tax residence information regarding the aforementioned persons, as required by the Bank.

If the customer fails to provide the aforementioned information when concluding a financial service agreement with the Bank, the Bank shall be entitled to:

  • decline such an agreement
  • refuse to execute transactions on behalf or by order of the customer under the financial service agreement
  • unilaterally terminate the financial service agreement having notified the customer of such an event no later than in one business day following the day of making such a decision

The Bank is entitled to unilaterally terminate the financial service agreement concluded with the Customer if the Bank—when taking measures as prescribed in Clause 1 of Article 142.4 of Chapter 20.1 of the Tax Code of Russia—identifies unreliability or incompleteness of information provided by the customer or finds a conflict between information provided by the customer and information available to the Bank (including information from public sources).

For compliance with Russian law, Bank 131 LLC shall find out whether the customer, their beneficiary, and/or persons directly or indirectly controlling thereof, are a tax resident (with specification of the country of tax residence). Bank 131 LLC can identify the status of a tax resident based on information available to Bank 131 LLC. But, the Bank is entitled to require the customer to fill and provide the appropriate tax residence confirmation Forms.

Bank 131 LLC does not consult on tax residence identification per CRS requirements. To find information on this matter, you can read tax residence information on the website of the Organisation for Economic Co-operation and Development:

http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760

To confirm the tax residence, the Bank's employee is entitled to ask specification questions and ask the customer to fill out the Self-Certification form:


Supplementary Information

TIN: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers

Tax residence in foreign countries: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760

Countries providing investment residence: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/residence-citizenship-by-investment/

The Tax Service of Russia opened a section of the corporate website, devoted to the international automated information exchange, where documents and frequently asked questions are published: https://340fzreport.nalog.ru/

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