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FATCA - WTF?


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I've just been involved in a very long process to try to open a bank account for a management company for a flat that I own ( I know, I know, people farming, etc, but I haven't put the rent up for over 10 years and frankly, I'd dump the thing if my tenant ever moved out).

What I was  completely taken aback by (rather than NatWest moving their entire back office to Poland) was that the IRS now seem to demand information on every new bank account in the UK (and presumably the world.)  I had to go through a long and tedious process to work out if the management company was an active or passive NFFE.

So is this Natwest simply not understanding that these questions aren't relevant to UK companies, or are we now all under the aegis of the IRS?

Edited by Inigo
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11 minutes ago, Inigo said:

I've just been involved in a very long process to try to open a bank account for a management company for a flat that I own ( I know, I know, people farming, etc, but I haven't put the rent up for over 10 years and frankly, I'd dump the thing if my tenant ever moved out).

What I was  completely taken aback by (rather than NatWest moving their entire back office to Poland) was that the IRS now seem to demand information on every new bank account in the UK (and presumably the world.)  I had to go through a long and tedious process to work out if the management company was an active or passive NFFE.

So is this Natwest simply not understanding that these questions aren't relevant to UK companies, or are we now all under the aegis of the IRS?

been around for years.  many banks in HK won't take you on if you are a yank due to the hassle involved.  of course, the banks in china itself don't give a monkeys.

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Just now, wherebee said:

been around for years.  many banks in HK won't take you on if you are a yank due to the hassle involved.  of course, the banks in china itself don't give a monkeys.

Which, of course, is completely understandable if you are a US citizen, but why do UK citizens have to deal with this?

Where is the same questionnaire from the French, Australians, Mozambicans, etc?

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19 minutes ago, Inigo said:

I've just been involved in a very long process to try to open a bank account for a management company for a flat that I own ( I know, I know, people farming, etc, but I haven't put the rent up for over 10 years and frankly, I'd dump the thing if my tenant ever moved out).

What I was  completely taken aback by (rather than NatWest moving their entire back office to Poland) was that the IRS now seem to demand information on every new bank account in the UK (and presumably the world.)  I had to go through a long and tedious process to work out if the management company was an active or passive NFFE.

So is this Natwest simply not understanding that these questions aren't relevant to UK companies, or are we now all under the aegis of the IRS?

They need to have documentation to show that you’re not a US citizen or green card holder. If they have that, they won’t give the IRS any of your details. Bloody hard to prove a negative mind. 

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1 minute ago, TheBlueCat said:

They need to have documentation to show that you’re not a US citizen or green card holder. If they have that, they won’t give the IRS any of your details. Bloody hard to prove a negative mind. 

I opened an account in HK and they had a tickbox whether you were a US citizen.  Left it blank, no more questions. Seems pretty simple?

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36 minutes ago, Happy Renting said:

I would think that GDPR would prevent any transfer of info, about non-US citizens, from Europe to the IRS, by default.

Not if you give your consent. So, if the bank determines you’re a US person they will either tell you to fuck off because it’s too much grief or ask for you to sign forms agreeing that they can give all your data to the IRS. That aside, many governments already have tax data sharing deals which fall outside of GDPR. E.g. https://www.cbc.ca/news/politics/tax-evasion-banks-cra-1.4209208

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2 hours ago, Inigo said:

Where is the same questionnaire from the French, Australians, Mozambicans, etc?

There isn’t one because none of those countries are able to pressure banks into providing it. The US can because any bank of any size will have some US operation or will transact with a bank that does so is able to threaten sanctions against just about any FI that doesn’t cooperate. Not saying it’s right, that’s just how it is.

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19 minutes ago, 5min OCD speculator said:

Now that UK is out of the EU, you become dem Yankees slap bitch poodle dog xD

Having to comply with FATCA is absolutely nothing to do with being in the EU or not. It applies just as much to Germany as it does to the UK (or Australia or Canada or Japan etc).

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4 minutes ago, TheBlueCat said:

Having to comply with FATCA is absolutely nothing to do with being in the EU or not. It applies just as much to Germany as it does to the UK (or Australia or Canada or Japan etc).

OK but you agree it's Yankee bully boy tactics? Other countries should tell the fat cunts to fuck off :)

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I just want to know what questions they asked on the "Are you a Yank?" form...

Do you incessantly chew gum with your mouth open, like a masticating horse?

Have you ever called someone "Buddy" because you can't remember their name?

Do you use the word "Like" as a form of grammatical evo-stick?

Does your voice have two volume settings, LOUD and VERY LOUD?

 

 

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31 minutes ago, unregistered_guest said:

I just want to know what questions they asked on the "Are you a Yank?" form...

Do you incessantly chew gum with your mouth open, like a masticating horse?

Have you ever called someone "Buddy" because you can't remember their name?

Do you use the word "Like" as a form of grammatical evo-stick?

Does your voice have two volume settings, LOUD and VERY LOUD?

 

 

Do you keep voting in people who hate you and want you dead?

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I'm sure that US banks will have a corresponding "Are you a Limey?" form for us Brits:

Are you sarcastic? [Yes] [What, me? I can't think how you might have gained that impression]

Does your mouth look like you've had dentistry performed by a badly trained chimpanzee? [Yes]

Do you spell words like "theater" and "color" in a funny way [Yes] [On the contrary dear chap, it is you who use the wrong spellings]

Do you view anyone who uses the word y'all as if they are as mentally deficient as a person with a strong Birmingham[0] accent? 

 

 

 

NB: that's Birmingham, England - not Birmingham, Alabama

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36 minutes ago, sarahbell said:

Ah the NatWest team. Really useful lot of helpful people.

I have to say that the incompetence is rather spectacular.  I'm currently in week 8 of account opening hell and no sign of the end yet.

 

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What gets me is that it is so difficult to open a bank account, with multiple forms with ID requirements etc, yet when scammers skim money from an account it always seems to just disappear instantly.

It seems that there's so many aspects of life in the UK (and elsewhere) where red-tape is a complete hassle, yet there doesn't seem to actually be any impact on those who want to game the system (the very people the red-tape is designed to exclude).

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22 minutes ago, dgul said:

What gets me is that it is so difficult to open a bank account, with multiple forms with ID requirements etc, yet when scammers skim money from an account it always seems to just disappear instantly.

It seems that there's so many aspects of life in the UK (and elsewhere) where red-tape is a complete hassle, yet there doesn't seem to actually be any impact on those who want to game the system (the very people the red-tape is designed to exclude).

I know of a fraud case where one guy had dozens of accounts at a single branch which he used in rotation to avoid suspicion; emptying each every time into I would guess his main account.

He must have had to jump through the same hoops to open the first one but having done so was allowed to open one online account after another with no questions asked.

It wasn't some random new internet bank either.  Lloyds.

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Caution - Hot coffee will burn.

The UK and Europe have pretty strict money laundering rules. 

You cannot go in, willy nilly, and open a ban account. You need photo Ids and proof of Id.

For a joint/company account they are going to be very very very strict/careful.

As far as 'Are you a yank?' thats the same as 'Are you a terrorist?' its a bit of arse covering to protect the bank./

UK laundering might be strict but fuck off the US and a bank risks losing its access to $.

 

 

1 minute ago, Frank Hovis said:

I know of a fraud case where one guy had dozens of accounts at a single branch which he used in rotation to avoid suspicion; emptying each every time into I would guess his main account.

He must have had to jump through the same hoops to open the first one but having done so was allowed to open one online account after another with no questions asked.

It wasn't some random new internet bank either.  Lloyds.

Thats must be a while ago.

Ive been thru opening accounts for kids and mortgage.

The checks are pretty solid.

 

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28 minutes ago, dgul said:

What gets me is that it is so difficult to open a bank account, with multiple forms with ID requirements etc, yet when scammers skim money from an account it always seems to just disappear instantly.

It seems that there's so many aspects of life in the UK (and elsewhere) where red-tape is a complete hassle, yet there doesn't seem to actually be any impact on those who want to game the system (the very people the red-tape is designed to exclude).

I think the scammers lead to the UK.

The problem is with certain etnic groups - not just muzzers!. Address that and youll be sorted.

Little old ladies get asked if they are a terroist on flights, just as much as beared muzzer.

I get asked for Id checks just as much as an Indian or Nigerian.

Saying that, some ofthe bank fraud stuff is very very very good. This is from 3rd parties, the banks are dumb as bricks.

 

 

 

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