Information and documents

• Compliance Charter of Stopanska banka AD - Skopje
• AML - CFT Letter of Certification
• AML KYC Questionnaire for correspondent banks
• The Wolfsberg Group Anti-Money Laundering Questionnaire
• US patriot act certification 16.12.2021
• US patriot act certification 13.03.2019
• US patriot act certification 01.09.2016
• US patriot act certification 16.09.2013
• US patriot act certification 21.10.2010
• US patriot act certification

FATCA

Information on FATCA (Foreign Account Tax Compliance Act)

What is FATCA? Who does it refer to?

In March 2010, the United States Congress adopted the Foreign Account Tax Compliance Act (FATCA) in order to prevent and reduce the tax evasion generated by the cross-border activity of the United States of America (US) residents. FATCA entered into force on the 1st of July 2014.

Dear customers,

According to the above–stated, we would like to inform you that Stopanska Banka AD – Skopje (SB), as a member of the National Bank of Greece Group(NBG Group), as of July 1, 2014, has started to implement a procedure for identification of all its clients, beside respecting and applying laws and by-laws in the Republic of North Macedonia, as well complying with the Foreign Account Tax Compliance Act (FATCA).

FATCA principles:

The US non-resident financial institutions, such as SB, will identify the clients, and submit relevant reports, on annual basis, to the US tax authorities. The report for identification of the clients will contain information on accounts opened and maintained by the US residents, by foreign entities having substantial US ownership, as well as by the clients classified as "recalcitrant".

The refusal to communicate such specific information is sanctioned according to the US Law, by withholding 30 percent of any payment towards USA (interest, dividends, rents, salaries, wages, premiums, annuities, compensations, remunerations, emoluments and other fixed or determinable annual or periodical gains).

SB, as a member of the NBG Group, is registered on the web-site of US IRS (Tax Authorities) with the status: Participating Foreign Financial Institution not covered by an IGA and holds a GIIN number - 9D9IVH.00011.ME.807.

Having considered this status, the financial institutions should prepare all necessary information requested from the US Tax Authorities, and perform the reporting according to the chosen Model of Inter-Governmental Agreement (IGA).

Accordingly, until the moment of conclusion of the IGA between Republic of North Macedonia and the US Authorities, and in compliance with the applicable regulations in the Republic of North Macedonia, i.e. the banking secrecy provisions and the conditions in which personal data can be processed, in order to preserve the balance between customers' rights and the risk of applying the provisions for the above-mentioned withholding, SB would like to inform you that series of data will be collected in order to identify and report for clients that are subject to the FATCA provisions.

Starting as of the 1st of July, 2014, the Bank requires from its clients series of specific information, such as: potential US citizenship, possible US residence or domicile, etc. and/or supportive documents to determine the status of any client.

If FATCA provisions are applicable in the specific business relationship between SB and the Client, SB will require, as well, express consent from the Client on:

1. the use/processing of Client’s personal data (including those for identification purpose) and Client’s banking and financial data, to comply with FATCA;
2. the transmission of Client’s personal data and banking and financial information (including, but not limited to, accounts and account holders' identification data, balances of accounts of all types of Client accounts, banking transactions of the Clients etc.) to the US tax authority (Internal Revenue Service - IRS), exonerating the Bank from the obligation to keep the banking secrecy according to the applicable regulations in the Republic of North Macedonia.

In order to reach the abovementioned goals, the Bank will process the targeted persons' personal data in the overall banking activity.

Client’s refusal:

• to communicate to the Bank the requested documents/info and
• to grant the consent to collect, process and transmit the personal data

in view of complying to FATCA provisions will lead to Bank’s possible denial of providing banking services to such customers in future.

Additional information regarding FATCA is available on the US IRS web-site:

http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

More information regarding SB`s compliance with FATCA can be provided by downloading the Certificate of Status of Beneficial Owner for US Tax withholding and reporting (Form W-8BEN-E) on the following link.