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FATCA, a regulation affecting American Bank of Investments SHA and its customers


The Foreign Accountability Tax (FATCA) Act is an American law aimed at combating tax evasion by US taxpayers. The Internal Revenue Service (IRS) has drafted a structure to collect information from non-US financial institutions on an annual basis, information on foreign income and assets held by US taxpayers outside the United States. .

Starting July 1, 2014, financial institutions, such as banks, life insurance companies, asset management companies, custodians, etc., will need to establish procedures to identify their American customers. During 2016, financial institutions will start reporting to the US tax authorities of Identity and Tax Identification Number of their American clients as well as the surpluses of their accounts on 31/12/2015. Additional information on income, and then gross income resulting from the sale of securities will be progressively added to the report in the following years.

In order to facilitate the implementation of FATCA, a large number of countries have negotiated intergovernmental agreements with the United States. These countries will have to adapt their national legislation to FATCA tax reporting requirements, at this point Albania has not yet signed this agreement with the US.

American Bank of Investments Position:

American Bank of Investments, formerly Credit Agricole Albania JSC, has decided to implement the FATACA regulation under the status of "Foreign Financial Institution Participant in countries where there is no intergovernmental agreement". Credit Agricole Albania SHA Bank, as part of the Credit Agricole S.A. has been in compliance with FATCA under the statute “FATCA Considered Financial Institution” as a “Non-Reporting Member of the PFFI Group”. This status implies that the bank could not accept or have in its stock an American account or a subject subject to the source tax or Foreign Non-Participating Financial Institutions.

Already, American Bank of Investments may accept or have in its stock an American account, subject to source tax, with the exception of Non-Participating Foreign Financial Institutions (which are not committed to complying with this law) as well as so-called "unconnected" accounts. American Bank of Investments is working diligently to comply with the regulation. Our bank has successfully completed the registration process on the IRS portal by receiving the relevant identification number (GIIN): XXQY47.99999.SL.008.

Impacts for customers:

The status of a Foreign Financial Institution Participant in countries where there is no intergovernmental agreement means that American Bank of Investments may hold US accounts under the provisions of this regulation and must not hold "non-congenital accounts" or accounts of non-participating institutions. , Consequently:

The listed companies and their branches as well as commercial and industrial companies are exempt from this regulation. However, the units for which most of the income comes from financial assets or if more than 50% of the balance sheet consists of financial assets will be subject to a property analysis. To the extent that a beneficiary owner is a U.S. citizen or U.S. resident for tax purposes, he or she must make his or her US tax identification number available. American Bank of Investments should contact its business clients to confirm their status in relation to the regulation.

For any account opened after 1 July 2014, American Bank of Investments will collect information from its customers to allow the identification of U.S. citizens or U.S. residents for tax purposes. Furthermore, specific documents may be required of business clients in order to confirm their FATCA status. Accounts for which their holders have not met the required documentation to verify the account status or account of Non-Participating Foreign Financial Institutions will not be opened.

Fulfillment of the status requirements selected by the bank requires the reporting of data to the IRS (US tax authority) on an annual basis for each client identified as a US taxpayer. The following information: Customer Name / Generality Name, Address, Fiscal Identification Number , Account Number / Accounts, Balance of Accounts / His Accounts at a certain moment or at the moment of closing the account / accounts by the client. This whole process is carried out by the bank respecting the requirements of Law no. 9887 dated 10.3.2008 "On the protection of personal data", as amended and other supporting laws / regulations.

Find the FATCA forms below.


You may need these documents: