Special rules apply to new and existing customers who are citizens or tax residents of the United States. These requirements are triggered by FATCA, being the inter-governmental agreement between Australia and the United States.
FATCA requires a participating financial institution (which includes Bank First as well as all other Australian banks) to report the financial account details of all U.S. account holders who are specified ‘U.S. persons’. A ‘U.S. person’ is defined as an individual who is a U.S. citizen or U.S. resident alien. A ‘U.S. person’ would also include a non-individual entity (such as company or trust) which has been created or organised in the United States or under the laws of the United States.
If you are a person who is a resident of the United States or who holds a U.S passport (irrespective of place of residence), you would be regarded as possessing the indicia of a U.S. person and, as such, are required to provide the necessary declarations to Bank First to enable us to comply with this regulatory requirement. The declaration must be in the form of a Self-Certification from Bank First. In the case of a US tax resident, completion of a self-certification form will satisfy both FATCA and CRS requirements. We will contact you if any further documentation is required. Further information about FATCA can be found here.