Help & Support
Foreign Account Tax Compliance Act (FATCA) - General
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What is FATCA?
Foreign Account Tax Compliance Act (FATCA) is a law instituted in the United States of America (US) requiring banks outside of the US as well as other foreign institutions to disclose information about their US account holders. The purpose of FATCA is to curb US tax evasion by US 'Persons" via personal accounts with financial institutions and investment vehicles outside of the US. In this regard, Malaysia is assisting the US in implementing FATCA in the country. -
What you need to do?
You need to complete the OCBC Self-Certification Form to declare your tax residency(ies) and you may be asked to provide supporting document(s). Click below for the form.
If you have any further queries regarding the CRS and your tax position, please contact a tax advisor. OCBC Bank is unable to provide tax advice. You may also find useful references at the website of the Organization for Economic Co-operation and Development (OECD)
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When does this FATCA requirement become effective?
FATCA came into effect on 1 July 2014. -
Is OCBC required to comply with FATCA?
Yes, OCBC is legally required to comply with FATCA. -
Are other banks in Malaysia required to comply with FATCA too?
Yes, all banks in Malaysia are similarly required by law to comply with FATCA. -
What is OCBC Bank required to do?
OCBC Bank must:
- Seek its customers' cooperation to identify their tax residencies; and
- Report financial accounts held directly or indirectly by customers who are foreign tax residents to LHDN
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What does this mean for me?
During account opening you are required to declare your FATCA status and provide documentary evidence when requested by OCBC (OCBC Bank and OCBC Al-Amin).
OCBC is also required to report information about you and your account to the local tax authority or the US IRS on an annual basis.
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What happens if my tax residency changes?
If there is any changes in the information that you have provided to us, please inform us immediately so that we can discuss with you whether any action is required. You may need to complete a new self-certification form. If your new tax residency details are not available to us or ascertainable, OCBC Bank may report your account details based on the information available in our records.
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What is the information that will be reported to the authorities?
OCBC will be required to report certain information as below to the authorities:
- The account holder's name
- Account holder's address
- U.S Taxpayer Identification Number (TIN)
- Account number(s)
- Account balance
- Income and payment made to the account
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What is a US TIN?
If you are a US citizen or resident for tax purposes, please provide your US Taxpayer Identification Number (TIN) - this is a nine digit number and could be a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN)
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What is the impact to me if I am not a US person or display any US indicia?
FATCA will have minimal impact on you and you are not required to take any action. However, OCBC may still contact you to confirm your tax status should we have reasons to believe that you may be a US person.
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Why are the documentation requirements from other banks different from OCBC?
The design and information requested by each banks and financial institutions to confirm the customers' tax status under FATCA may vary. Hence, OCBC advises its customers to seek professional tax advice or visit the US IRS website for further information.
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How can you reveal my account information without my permission under FATCA??
Disclosure under FATCA is a legal requirement. Your specific consent is not required for disclose of your account details to LHDN.