Latest Breaking News On - Augsburger aktienbank - Page 1 : comparemela.com
People moves: Alecta appoints Grevelius acting head of equities in major shakeup by CEO
ipe.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ipe.com Daily Mail and Mail on Sunday newspapers.
Why are Americans being turned away from German banks?
thelocal.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thelocal.de Daily Mail and Mail on Sunday newspapers.
As savings firm denies services to dual UK and American citizens due to Fatca
Germany-based Augsburger Aktienbank (AAB) has reportedly told customers it will close custody accounts and accounts for clients that are considered ‘United States Persons’.
Additionally, the offering won’t be available to US citizens in the future.
The closures will be effective from 31 March 2021, reported local B2B news website
Fonds Professionell, and AAB cited the US’ Foreign Account Tax Compliance Act (Fatca) as the reason for the move.
This is because the legislation requires foreign financial institutions and their US clients to report their financial information to the Internal Revenue Service (IRS) for tax purposes, as the US has a citizenship-based taxation system.