USA PARTIOT Act - AML - FATCA
USA PATRIOT Act Certification
Pursuant to the USA PATRIOT Act and final rules issued by the U.S. Department of Treasury, a U.S. bank or a U.S. broker-dealer in securities (a "Covered Financial Institution") is required to obtain certain information from any "Foreign Bank" that maintains a correspondent account with it.
As permitted by the final rules, BHF-BANK has prepared a Global Certification for use by any financial institution that believes it requires a USA PATRIOT Act Certification from BHF-BANK or one of its branches or listed subsidiaries.
Please use the following Certification instead of asking BHF-BANK or one of its branches or listed subsidiaries to complete a separate Certification form.
General Statement on Observance of Anti-Money Laundering Requirements / Anti-Money Laundering Policy / AML-Questionnaires
It is the policy of BHF-BANK to take all reasonable and appropriate steps to prevent relationships to persons engaged in money laundering, fraud or other financial crime, including the financing of terrorism.
In 1993 an anti-money laundering law was introduced in Germany. All banks and other financial service providers in Germany have to adhere to this law.
The respective supervisory body, the "Bundesanstalt für Finanzdienstleistungsaufsicht - The Federal Financial Supervisory Authority" (BaFin), has implemented detailed regulations and guidance for standards and control mechanisms within banks and financial service providers.
The compliance with these regulations is supervised by external auditors in connection with their preparation of the Bank's Annual Report. A copy of the auditor's report is forwarded to the "BaFin".
For further information on money laundering prevention in BHF-BANK, please see our downloads.
Statement on Foreign Account Tax Compliance Act (FATCA)
BHF-BANK Aktiengesellschaft (BHF-BANK) is domiciled in Germany. On May 31st 2013 the German government negotiated a bilateral agreement, a so called Intergovernmental Agreement (IGA) Model I, with the USA.
Therefore, BHF-BANK, as a reporting Model 1 FFI, will – until further notice – be treated as compliant relating to FATCA rules by the US Tax Authorities, the Internal Revenue Service (IRS). No deduction of FATCA withholding tax is due on withholdable payments towards BHF-BANK, nor are payments to BHF-BANK required to be reported to the IRS or local Authorities according to FATCA.
BHF-BANK has been registered with the IRS. Our GIIN is 35BLRE.00000.LE.276.
Statement on Common Reporting Standard (CRS) / OECD Automatic exchange of Information (AEoI)
BHF-BANK Aktiengesellschaft (BHF-BANK) is domiciled in Germany. Together with the G20 states and in close cooperation with the EU, the OECD has drawn up the new global “Common Reporting Standard (CRS)” for the automatic exchange of information on financial accounts among the OECD partner states. The agreement was transposed into German law through the German Automatic Exchange of Information on Financial Accounts Act (Gesetz zum automatischen Austausch von Informationen über Finanzkonten in Steuersachen, or Finanzkonten-Informationsaustauschgesetz – FKAustG).
In accordance with the abovementioned law as well as OECD Common Reporting Standard BHF-BANK Aktiengesellschaft is a German Reporting Financial Institution.