• Service: Tax, Global Mobility Services, International Tax
  • Type: Regulatory update
  • Date: 7/7/2014

Vietnam - Action steps for financial institutions and FATCA compliance 

July 7: Vietnam’s state bank issued guidance with action steps and recommendations for financial institutions and branches of foreign banks in Vietnam to comply with the U.S. FATCA regime.

Official Letter 1818/TTGSNH7 (24 June 2014) includes recommended actions for financial institutions that have already registered for GIINs—including developing “know your customer” processes and procedures for purposes of identifying U.S. persons; reviewing pre-existing customer lists to identify U.S. persons for future FATCA reporting; and collecting customer information for future reporting to the IRS and to Vietnamese authorities.

The guidance also includes recommended actions for financial institutions that have not yet registered and obtained GIINs.

Read a July 2014 report(PDF 467KB) prepared by the KPMG member firm in Vietnam: FATCA Alert

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