FATCA Compliance in Russian Owned Banks??

MGALFA

New member
Apologies I am new to this realm of knowledge if my questions seem obvious.

How compliant are banks in Russia in regards to FATCA? Last time I looked at the list of participants the US has bullied into signing it, I did not see Russia on it. However I am aware that just because a country is not a member of FATCA means your home free so to speak.

I am aware that Russia is designing and have already implemented its own alternative to SWIFT (MIR). Which could allow FATCA circumvention? This alone put this theory in my head.

Apologies if this sounds dumb but I am genuinely curious about Russia's standards in Compliance standards. Also not native in English
 
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avalanche

Active Member
Apologies I am new to this realm of knowledge if my questions seem obvious.

How compliant are banks in Russia in regards to FATCA? Last time I looked at the list of participants the US has bullied into signing it, I did not see Russia on it. However I am aware that just because a country is not a member of FATCA means your home free so to speak.

I am aware that Russia is designing and have already implemented its own alternative to SWIFT (MIR). Which could allow FATCA circumvention? This alone put this theory in my head.

Apologies if this sounds dumb but I am genuinely curious about Russia's standards in Compliance standards. Also not native in English
Due to crisis in Ukraine, Russian country-wide FATCA compliance had been postponed. Meanwhile the Russian banks were forced into being first movers on their way to FATCA: 90% of Russian banks had registered for FATCA on their own. Its up to you to find the remaining 10% if there are any :D

Russian banks are not losing much from complying with FATCA.
 

MGALFA

New member
Due to crisis in Ukraine, Russian country-wide FATCA compliance had been postponed. Meanwhile the Russian banks were forced into being first movers on their way to FATCA: 90% of Russian banks had registered for FATCA on their own. Its up to you to find the remaining 10% if there are any :D

Russian banks are not losing much from complying with FATCA.
That was what I suspected that Russian Banks don't have much to lose from FATCA compliance because of sanctions and such what's your opinion on it's enforcement in Russia? Theoretically it could be a new market for the Russian Banking economy because they like you said they don't have alot to lose as opposed to EU banks and such. Maybe be a defacto FATCA member where they sign the documents but rarely enforcement it?
 
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KJK

Entrepreneur
FATCA is a standard aimed against American citizens (and green card holders) who would have the foolish idea to leave Uncle Sam's surveillance. You mention you're not a native English speaker. So why are you interested in FATCA of Russian banks? Makes sense only if you have ties to US...

Anyways good luck finding a Russian bank that loves American citizens, most likely they will tell you to fuck off. If this was about CRS and not about FATCA, I'd recommend you to look into some other CIS countries (think Georgia, Armenia, Azerbaijan, perhaps even some of the *Stans...). However for Americans everything is 10x more complicated, even in (or perhaps especially) in Russia. :p
 

avalanche

Active Member
That was what I suspected that Russian Banks don't have much to lose from FATCA compliance because of sanctions and such what's your opinion on it's enforcement in Russia? Theoretically it could be a new market for the Russian Banking economy because they like you said they don't have alot to lose as opposed to EU banks and such. Maybe be a defacto FATCA member where they sign the documents but rarely enforcement it?
I dont know. Never had to research it really.
 
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