Number of closed accounts due to suspicions of money laundering: 2.
Customers who have been refused to open accounts: none.
Foreign Account Tax Compliance Act
History of the law
The US Foreign Tax Liability Act was signed by President Obama on March 18, 2010 as part of the Employment Incentives Act (HIRE ACT).
Draft of the system was issued in February 2012, and the final instructions were on 17 January 2013.
The final text of the Convention on Law was released on 26 December 2013.
Objectives of the law
The law aims to combat tax evasion by U.S. people who have financial accounts outside the United States, either directly or through foreign company ownership.
FATCA forces previously mentioned institutions to provide information that determines the accounts of U.S. citizens to U.S. tax authorities.
In case of non-compliance, a 30% penalty will be imposed on income and assets registered in the United States of America as a withholding tax on foreign financial institutions and foreign non-financial institutions.