FATCA

A new intergovernmental agreement with the U.S. requires German financial institutions to report their U.S. customers.

The Foreign Account Tax Compliance Act (FATCA) is a U.S. Act which is aimed at increasing tax transparency in relation to U.S. taxpayers. It requires, in particular, the reporting of personal, account and custodial account data of U.S. taxpayers residing outside the U.S.

FATCA applies to banks, insurance companies, pension funds and the fund industry outside the USA – the so-called Foreign Financial Institutions (FFIs) – which must implement FATCA reporting standards.

The Federal Republic of Germany and the U.S. have entered into a corresponding intergovernmental agreement (IGA1). This intergovernmental agreement has already been implemented in national law.

In accordance with the German-American agreement, German financial institutions must register on the FATCA portal of the IRS (Internal Revenue Service) during 2014 – regardless of national laws. Beginning on June 2, 2014, each month the IRS will publish a list of registered institutions with country of residence and GIIN (Global Intermediary Identification Number). DZ BANK registered on the IRS portal on time in order to be included in the IRS’ first FFI list Link. DZ BANK will hold the following status in Germany: Reporting Financial Institution under a Model 1 IGA; the GIIN is: MLAZDU.00000.LE.276.

DZ BANK’s international locations will also be FATCA-compliant The United Kingdom was one of the first countries to enter into an IGA with the U.S. Poland, Singapore and Hong Kong are currently negotiating an intergovernmental agreement with the United States. In the meantime, the US Treasury has added these three countries to the list of jurisdictions that have reached Intergovernmental Agreements (IGAs) in substance and have consented to being included on the list. A full and always up-to-date list of the corresponding countries can be found under the following Link.

The GIINs of DZ BANK’s international locations are as follows:
DZ BANK London: MLAZDU.00000.BR.826
DZ BANK Warsaw: MLAZDU.00000.BR.616
DZ BANK Singapore: MLAZDU.00000.BR.702
DZ BANK Hong Kong: MLAZDU.00000.BR.344