BancoEstado has joined FATCA
This last 02 June the US Internal Revenue Service confirmed in its webpage that BancoEstado and its subsidiaries and branches, Corredores de Bolsa y Administradora General de Fondos have become part of the financial institutions that are already official signatories of FATCA (Foreign Account Tax Compliance Act). FATCA is a US legislation aimed at fighting tax evasion on the part of US citizens living abroad or foreign citizens residing in the US. In Chile, FACTA will be implemented thanks to an Intergovernmental Accord signed this past 5 March.
Our Bank’s registration is compulsory for institutions of our kind before the standard comes into effect on 1 July 2014.
In order to comply with this standard, financial institutions from all over the world have established procedures for information analysis and documentation identify these US taxpaying natural or juridical entities.
In this regard, Carlos Molina, Assistant Manager of The BancoEstado Compliance Office stated that the Bank is already training its staff in the correct application of this standard, which “will enable the proper application of this regulation and thus maintain our corporate reputation with US authorities, the international market and national regulatory bodies.”