Financial security1/17/2024 ![]() Around 60 countries, including France, have committed to exchange information as of 2017 in accordance with this new standard, with around 30 more starting in 2018. In 2014, as part of efforts to combat tax evasion, the OECD drew up a new standard on the automatic exchange of information between national governments. Those countries will need to transpose into their national law the tax reporting requirements of FATCA.Įxternal corporate communication on the automatic exchange of information In order to facilitate the implementation of FATCA a large number of countries, including France, have negotiated intergovernmental agreements with the USA. Additional information on income, then on the gross proceeds resulting from the sale of securities, will be added progressively to the reporting the following years. During the year 2015, the financial institutions will start reporting to the US tax authorities, directly or by way of their local authority, the identity and the tax identification number of their US clients as well as their accounts’ balance as of. will have to put in place procedures to identify their US clients. Starting 1 July 2014, financial institutions such as banks, life insurance companies, asset management companies, custodians, etc. Crédit Agricole S.A.'s GIIN is: .250 and that of its London branch is: .826 has registered on the IRS website and appears in the list published on 2 June 2014. The Internal Revenue Service (IRS), the US tax authority, has set up a framework to collect on a yearly basis from non-US financial institutions information relating to foreign income and assets held by US taxpayers outside the United States.Ĭrédit Agricole S.A. The Foreign Account Tax Compliance Act (FATCA) is a US law whose objective is to combat tax evasion by US taxpayers. Transmission of tax data FATCA: a regulation impacting Crédit Agricole SA Group and its customers Group employees are assisted in this by software for profiling customers and detecting unusual transactions.Ĭombating terrorism financing and complying with international sanctions means we need to continually cross-check customer files against sanction lists and international transaction monitoring.īased on risk assessment and regulatory changes, we are continually strengthening our overall AML/CFT and international sanction compliance system.īelow is a link to the Wolfsberg questionnaire pertaining to the system that has been implemented at the Crédit Agricole Group: We carry out suitable and risk-appropriate oversight throughout the relationship. This relies on knowledge of our customers and beneficial owners, supported by research conducted using databases or special lists. Customer identification checks are now a first filter at the beginning of any relationship. We have also enhanced our system to improve the quality of the know-your-customer (KYC) data that we collect, both at the beginning of and throughout the business relationship (ongoing supervision), and extend the supervisory measures already in place. ensuring compliance with international sanctions.īy updating its procedures and tools, the Crédit Agricole Group has taken into account the new requirements pertaining to the transposition into national law of the EU Directive of on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “4th AML Directive”).implementing measures aimed at preventing money laundering and terrorism financing. ![]() The Group Compliance Department, and more specifically its Financial Security unit, is responsible across the Group for: The Crédit Agricole Group attaches considerable importance to preventing money laundering, combating terrorism financing and complying with international sanctions (asset freezing and embargoes). ![]()
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