Important changes to our FATCA / CRS process for Home Finance applications
Following feedback from our intermediary partners regarding our FATCA / CRS requirements, we are pleased to confirm the following change:
With effect from tomorrow, 19 November 2020, we will no longer require FATCA forms to be submitted on new applications. The FATCA forms have been replaced with a short addendum which now forms part of our Application Form, and simply requires the customer to confirm their country of tax residency. This confirmation will be signed via DocuSign and returned to the Bank automatically as part of the application process.
A “Country of Tax Residence” field will now appear within the DIP and Application Dashboard to allow this information to be captured, and feed through into the new form. Please ensure you complete this field so that the information is captured correctly.
From tomorrow, for pending applications that have not yet been submitted, but where the FATCA task has been generated, the completion of a FATCA form will no longer be required. However, as we are not able to remove this task from the system, please upload a simple document stating, “Tax Residency form will be completed via the application form”.
For existing applications that have moved to the Packaging stage, which may require updated tax residency information, we have also created two simple standalone versions of the new document, one for Individuals and another for Companies/Entities. These are available on our website here. Where applicable, these should be completed and uploaded to our portal in response to the tax residency/FATCA task.
Should you have any queries regarding the changes outlined above, please contact your BDM, who will be able to assist you.