We have to verify and confirm the identity of customers due to the Money Laundering and Prevention of Terrorist Financing Act.
This step is required for personal and business accounts.
As required by FATCA regulations, Trustcom is required to provide financial information to the US Treasury Department and the Internal Revenue Service (IRS) on:
- accounts of US taxpayers and foreign companies in which US taxpayers have substantial interests.
- The Foreign Account Tax Compliance Act (FATCA) legislation was introduced by the IRS with the aim of preventing US taxpayers' tax evasion by opening accounts with foreign financial institutions. More information on the FATCA regulations is available at www.irs.gov
- Unlike most countries in the world, the US tax system provides for the taxation of its citizens even in cases where they have tax residence abroad.