USA Africa Dialogue Series - Fwd: IMPORTANT INFORMATION ON THE U.S. FOREIGN ACCOUNTS TAX COMPLIANCE ACT (FATCA)

FYI

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From: Diamond Bank <noreply@diamondbank.com>
Date: Fri, Feb 27, 2015 at 9:54 AM
Subject: IMPORTANT INFORMATION ON THE U.S. FOREIGN ACCOUNTS TAX COMPLIANCE ACT (FATCA)
To: okeyiheduru@gmail.com

Dear OKECHUKWU C.IHEDURU,   This is to bring to your notice the Foreign Account Tax Compliance Act (FATCA) of 2010. The Foreign Account Tax Compliance Act (FATCA) 2010 is an initiative of the United States Government to promote tax compliance and uncover tax evasion by its citizens/residents and US owned (legal) entities. The Act requires that Foreign Financial Institutions (FFIs) provide information to the United States Internal Revenue Service on accounts maintained for citizens/residents of the US. As stipulated by FATCA, a 30% Withholding Tax will be imposed on US sourced income paid to any FFI if the FFI fails to comply with FATCA or on an account holder that fails to provide information to determine whether or not they are a US taxpayer (such an individual/institution is termed a Recalcitrant account holder). In compliance with this Act, Diamond Bank is required to provide information to the United States Internal Revenue Service on our individual and corporate customers who qualify based on the following criteria: Corporate Customers: Individual shareholders who qualify under the above conditions and with a minimum of 10% shares in companies who execute transactions with Diamond Bank Corporate organizations incorporated in the United States with a minimum of 10% shareholding in companies who execute transaction with Diamond Bank Individual Customers who: Are US citizens (have a US passport or green card) Were born in the US Have a home or mailing address in the US Have US telephone numbers Have standing instructions to transfer funds to US based accounts Have Power of attorney or signatory authority granted to person with US address; or Are in care-of or hold mail addresses that is sole address of account holder Kindly note that if you meet the above conditions but fail to provide this information, you will be termed a "Recalcitrant account holder" by the United States IRS and would face a penalty of 30% Withholding Tax on every inflow you receive from the United States. Please click on the links applicable to you in the table provided below to update your information in order to be compliant with the Act. If you do not meet one or more of the indicia set out above, please also sign the attached FATCA Disclaimer form. You are required to update your information within one week from the receipt of this mail.  Kindly fill in allapplicable forms and return them to a Diamond Bank branch close to you.  S/N FORM TO BE COMPLETED BY 1 W-9 US persons - including US companies. This form can be downloaded from:  http://www.irs.gov/pub/irs-pdf/fw8imy.pdf  and instructions from http://www.irs.gov/pub/irs-pdf/iw8imy.pdf 2 W-8BEN Non-US individuals. This form can be downloaded from: http://www.irs.gov/pub/irs-pdf/fw9.pdf and the instructions from: http://www.irs.gov/pub/irs-pdf/iw9.pdf 3 W-8BEN-E Non-US companies. This form can be downloaded from: http://www.irs.gov/pub/irs-pdf/fw8bene.pdf and the instructions from: http://www.irs.gov/pub/irs-pdf/iw8bene.pdf 4 W-8IMY Non-US companies acting as intermediaries on an account e.g. agent, nominee, custodian. This from can be downloaded from: http://www.irs.gov/pub/irs-pdf/fw8ben.pdf and the instructions from: http://www.irs.gov/pub/irs-pdf/iw8ben.pdf 5. Customer update form Diamond Bank Customer update form: This form can be downloaded from: http://www.diamondbank.com/images/downloadforms/Customer_Information_Update_Form.pdf 6. Disclaimer form Disclaimer form indicating that you are not reportable under the Foreign Account Tax Compliance (FATCA). This can be downloaded from: http://www.diamondbank.com/images/downloadforms/FATCA%20DISCLAIMER.pdf   For more information, please call 0700-300-0000, send an SMS to 30811 or email enquiries@diamondbank.com.   Thank you for choosing Diamond, Your Bank.   Connect with us:        In our emails, Diamond Bank will never ask you for confidential information or to confirm your security details. Links within our emails will only take you to information pages on our website. Please forward any suspicious emails to enquiries@diamondbank.com . For further information please visit our Security Centre. www.diamondbank.com   |   enquiries@diamondbank.com   |   0700-300-0000 | SMS 30811  This e-mail was sent to okeyiheduru@gmail.com You are receiving this e-mail message because you are a valued Diamond Bank customer. If you no longer wish to receive messages from us please click here to unsubscribe.

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Okey Iheduru, PhD

You can access some of my papers on the Social Science Research Network (SSRN) at: http://ssrn.com/author=2131462.

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