What is FATCA?
FATCA is Foreign Account Tax Compliance Act which affects Financial Institutions (FIs) worldwide, aims at reducing tax evasion by United States (“US”) persons.
The Act mandates financial institutions* to:
RHB must abide to FATCA requirements as it is registered with the U.S Inland Revenue Service (IRS) and had obtained a valid GIIN.
Is it applicable to me or my organization?
Individual Customers
FATCA applies to you if you have the following U.S indicia, which determine your FATCA status:
Legal Entity Customers
FATCA applies to all legal entity customers.
To determine your FATCA status or classification, you may need to refer to your tax advisor or visit U.S Inland Revenue Service (IRS) website at www.irs.gov/FATCA for further details.
Please take note that RHB is not in the position to advice you on your tax status or classification.
What should I do if FATCA is applicable to me or my organisation?
You are required to declare your FATCA status by completed Self-Certification Forms and provide documentary evidence.
What type of FATCA documentary evidence is required?
You may obtain the relevant Self-Certificate forms based on the following:-
a) For Individual and Sole Proprietor customers, please provide completed Individual Self-Certificate to the bank.
b) For Entity customers, please provide completed Entity Self-Certificate to the bank. If the FATCA status is not available in Entity Self-Certificate, please provide the duly completed From W-8BEN-E as an additional form.
c) For Controlling Person(s), please provide completed Controlling Person Self-Certificate to the bank.
Please refer to the forms below
i) Individual Self-Certification Form
ii) Entity Self-Certification Form
iii) Form W-8BEN-E FGROP 028/2017_v2 (Updated 17.02.2022)
What will happen if I refuse to disclose the required information?
The bank may impose 30% withholding tax on U.S FDAP source income or terminate relationship with the customer.
What do I/ my organisation have to do if there is any change in my/ my organisation’s details or FATCA status?
For any changes of customer's details, the customer is required to inform and provide necessary documentary evidence to RHB within 30 days of change.
Where can I get more information on FATCA?
You can find detailed information on FATCA at www.irs.gov/FATCA
When will the requirements take effect?
Effective date of FATCA for the following:
Are there any consequences for incorrect certification?
Penalties may be imposed by IRBM if considered to contravene with MY Legislation ranged from RM200 to RM20,000/up to 300% of tax undercharged/imprisonment for a term maximum 3 years, whichever applicable.
Last updated: September 2019