FATCA stands for the Foreign Account Tax Compliance Act (FATCA). It was introduced in October 2009 and signed into law in March 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. FATCA is designed to prevent tax evasion by U.S. citizens or residents holding foreign accounts or offshore investments.
Under FATCA rules, as of 1st July 2014, AMP Global LTD. must obtain self-certification from Individual and Joint account holders to determine their non-US or U.S. status for tax purposes, accounts deemed reportable (identified U.S. citizen or resident for tax purposes) are then reported to the IRS during reporting periods.
*Please note that AMP Global LTD. does NOT offer its financial products and services to residents or entities of the United States of America; such individuals or entities cannot be accepted as a client of AMP Global LTD.