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Guides and other documentation
The tax legislation known as FATCA ("Foreign Account Tax Compliance Act"), issued on March 18, 2010 by the US government, was created with the aim of countering, with the collaboration of foreign intermediaries, the tax evasion of US taxes perpetrated by citizens or US residents (individuals or entities), investing in accounts held with non-US financial institutions. The legislation, effective from 28 January 2013 and applied in successive phases from 1 July 2014, requires all non-US financial intermediaries, who hold and wish to continue to hold financial relationships with the United States on their own account or on behalf of third parties, to sign an agreement with the US tax authorities (Internal Revenue Service - IRS) with which they undertake to identify among their customers and then communicate to the IRS, the names and movements of potential US tax evaders who hold an account, a report or a deposit with them.
Presidential Decree No. 116 of June 22, 2007 - Regulations implementing Article 1, Section 345, of Law No. 266 of December 23, 2005 on dormant deposits. On August 17, 2007, the regulations on dormant deposits (Presidential Decree No. 116 of June 22, 2007 - published in Official Gazette No. 178 of August 2, 2007) came into force. In summary, the Regulations stipulate that: - "dormant" means deposits of sums of money and deposits of financial instruments in custody and administration, in relation to which no operation or movement has been carried out at the initiative of the owner of the account or third parties delegated by the latter for 10 years starting from the date of free availability of the sums or financial instruments; – upon expiry of the aforesaid time limit, the "dormant" deposit must be discharged, pursuant to Article 3 of the provision in question, unless, within 180 days from the communication by the broker, the owner carries out a transaction or movement (including the express communication to the Bank of the intention to continue with the account). The deposited sums will therefore be transferred to a public fund (the fund referred to in Article 1 Section 343 of Law 266/2005).
"Dormant" Bearer Deposits
For bearer accounts, since the Bank is not in a position to know the owner of the account, communication to affected customers is made by displaying a notice in the Bank's premises open to the public through the website. Holders of bearer deposits (e.g., savings account, certificate of deposit, etc.) that have not had any movements for 10 years are urged to make orders against these accounts within the 180-day period from this notice. If no transaction or movement is carried out within the 180-day period in relation to the aforementioned accounts, they shall, pursuant to Article 3 of the said regulations, be discharged in the manner and terms established by law. During 2017, no reports that could be defined as "dormant" were identified.