OREANDA-NEWS. June 20, 2014. Sviaz-Bank (Vnesheconombank Group) has been registered, under the Foreign Account Tax Compliance Act (FATCA), on the site of the U.S.Internal Revenue Service (IRS) with a status of Member (not Lead) of an Expanded Affiliated Group/Registered Deemed-Compliant Financial Institution (including a Reporting Financial Institution under a Model 1 IGA).

This status has been determined and established for Sviaz-Bank by Vnesheconombank as the lead institution of an Expanded Affiliated Group.

Following registration, the Bank has been assigned a global identification number – 8KIFHY.00003.ME.643 – for purposes of compliance with FATCA (GIIN).

FATCA has been passed to prevent tax evasion by American taxpayers holding foreign financial accounts. The Act requires companies that are not U.S. residents to identify American taxpayers holding designated financial accounts directly or indirectly and to pass on relevant data to the American tax authorities.