There are a number of substantial changes being made by financial regulators, governments and banks across the world, to ensure the protection and long-term safety of both the financial system and our customers’ interests.
One of these regulations is the Foreign Account Tax Compliance Act (FATCA), effective from 1 July 2014 that primarily aims to prevent tax evasion by US taxpayers using non-US financial institutions and offshore investment instruments.
The degree to which customers will be affected will vary, depending on the type of accounts or products they hold with Hang Seng Bank, its branches and its subsidiaries (‘Hang Seng’).
Impact to Hang Seng and our Customers
Hang Seng, as a member of the HSBC Group, is committed to being fully FATCA compliant in all countries and territories where we operate. Other banks and financial organisations will also be affected. However their approach to adopting FATCA may differ to that of Hang Seng.
We are currently reviewing the effect of this legislation for our customers. To comply with the new regulations, Hang Seng may need to engage you from time to time to help us understand you better. In order to establish your FATCA status, we may need to obtain certain documents. These documents are Hang Seng declarations and/or US tax forms (together with certain supplementary information, if any) that will enable you to declare and confirm your status to us for the purposes of FATCA. If you have multiple relationships with us, you may be approached by different members or businesses of Hang Seng. To help us serve you better and capture your information accurately, in light of different laws or regulations in different countries and territories, your response to all our requests will be much appreciated.
Please send the completed documents to us at this address: PO Box 11280, Central Post Office, Hong Kong; or hand them in to the team at your local branch.
Please read the information carefully and select the document that is appropriate to you. If you are unsure, you should seek advice from a tax advisor. Hang Seng cannot provide tax advice.