Prevention of Money Laundering

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What is FATCA?

On 1 July 2014, the Foreign Account Tax Compliance Act (FATCA) came into effect in the US, which requires financial institutions worldwide to identify US tax residents and their accounts and provide certain information about them to the US Internal Revenue Service (IRS). 

Regulatory enactments require Latvian financial institutions to identify whether there are persons among their customers who are US tax residents and, if such persons are identified, to report them to the Latvian State Revenue Service. 

More information on FATCA can be found on the US IRS website at https://www.irs.gov.

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