ALEXBANK said it will start applying the U.S Foreign Account Tax Compliance Act (FATCA), as of July1.
The lender has signed an agreement regarding FATCA incompliance with the instructions of the Central Bank of Egypt and Intesa Sanpaolo Group.
For his part, Roberto Vercelli, ALEXBANK's CEO, said: "ALEXBANK created a comprehensive action plan to meet the requirements for applying the FATCA agreement. The bank modified procedures for obtaining sufficient data about the identity of American clients or clients whose U.S citizenship indicators are available and their ownership of assets."
He added that the bank's automated system has also been developed and managers and customer service employees have been trained as part of ALEXBANK's plan to develop skills and raise awareness about the requirements of the law."
The lender has signed an agreement regarding FATCA incompliance with the instructions of the Central Bank of Egypt and Intesa Sanpaolo Group.
For his part, Roberto Vercelli, ALEXBANK's CEO, said: "ALEXBANK created a comprehensive action plan to meet the requirements for applying the FATCA agreement. The bank modified procedures for obtaining sufficient data about the identity of American clients or clients whose U.S citizenship indicators are available and their ownership of assets."
He added that the bank's automated system has also been developed and managers and customer service employees have been trained as part of ALEXBANK's plan to develop skills and raise awareness about the requirements of the law."
Source:
Mubasher
