Foreign Account Tax Compliance Act

Under the U.S. Foreign Account Tax Compliance Act (FATCA) and Intergovernmental agreements (IGAs) the Nordea Group has registered its relevant legal entities and branches with the IRS.

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As a result of the US tax law FATCA (Foreign Account Tax Compliance Act), approximately 100 countries and the US have agreed to exchange information. Because of this, financial institutions are required to identify and report the aggregated amounts on accounts held by US persons to the local tax authorities, who will then report to the US Internal Revenue Service (IRS).

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