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| Last updated on 15 June, 2014 |
There are a number of substantial changes being made by financial regulators, governments and banks, to ensure the protection and long-term safety of both the financial system and our customers' interests.
One of these changes is the Foreign Account Tax Compliance Act (FATCA), effective date 1 July 2014. This is a new piece of legislation introduced by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (IRS) to counter tax evasion in the US, for both individuals and businesses.
FATCA will impact many of our bank's personal and business customers who are deemed to be a 'US person' for US tax purposes. The degree to which customers will be affected will vary across the bank, depending on the type of account, the agreement that is held with us, and etc.
| Impact to our bank and our customers |
Hang Seng Bank (China) Limited as one of the HSBC Group members is committed to becoming fully FATCA compliant. Other banks and financial organisations will also be affected, however the extent to which they choose to comply may differ.
In the next few months we will review the impact of the legislation for our customers and may contact you to request further information or documentation in order to verify your current US tax status. Please note that you may receive more than one request for information if you have multiple relationships with different members of the HSBC Group. It is important that you respond to all requests even if you believe you have already supplied the request information.
Please note that Hang Seng Bank (China) Limited is unable to offer tax advice. For tax related questions please contact your professional tax advisor or refer to the IRS website.
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