Arab Bank Australia Limited (ABAL) have legal obligations under Australia’s Automatic Exchange of Information (AEOI) regimes concerning the automatic exchange of financial account information with foreign jurisdictions. These regimes are known as the Foreign Account Tax Compliance Act (FATCA) in the case of exchange by Australia with the United States of America (U.S.) which started on 1 July, 2014, and the Common Reporting Standard (CRS) in the case of exchange by Australia with other countries that have implemented the CRS.
Effective 1 July, 2017 start of the CRS operation in Australia, ABAL will be required to identify accounts which are held by tax residents of foreign jurisdictions and report certain account information to the Australian Tax Office (ATO). This procedure is similar and is in addition to the FATCA procedure already in place that requires ABAL to ask customers about their United States tax residency status and Citizenship and report certain information to the ATO.
ABAL’s Global Identification Number (GIIN) is C85YIU.00002.ME.036. This GIIN represents ABAL registration with the Internal Revenue Service (IRS) in the U.S. in compliance with FATCA. It can be found on the published Foreign Financial Institution list published by the IRS.
A brochure was published by the ATO to help you understand your obligations under the AEOI regimes. Click here to view this brochure.
Should you require further information about the AEOI regimes, please refer to the ATO website at www.ato.gov.au. You can also contact your local branch to speak to a Customer Service Representative, who will direct your enquiry to the relevant department.