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FATCA (Foreign Account Tax Compliance Act) Requirements. Russian Aspects

September 2013
RegulationBanking & Finance

Abstract

The Foreign Account Tax Compliance Act (FATCA) is quite a popular topic in legal society at this time. Although due to the complexity of regulation and volume of information there is still much uncertainty surrounding the practical application of FATCA to financial organizations. FATCA is more than 500 pages of professional language text, the structure of the document is quite complex and it contains a lot of complicated provisions. Considering the above mentioned it’s obvious that the format of the article doesn’t allow us to consider it in full. This paper is dedicated to the main basic points required to understand FATCA conception as well as to stress attention to the most critical items arising during practical implementation of FATCA and to provide some information on the current status of FATCA’s implementation in Russia.

Author

Portrait image of Stella Gukova
Stella Gukova
Head of Legal and Compliance, JCS Sumitomo Mitsui Rus Bank, Russian Federation

Stella Gukova had graduated the State University - High School of economics in 2004 and started her career in banking industry. She worked for several Russian banks supporting various legal matters. In 2008 she joined the British financial group Provident as Legal manager and supported the acquisition of the bank in Russia. In 2009 she accepted the job offer to join Sumitomo Mitsui Rus Bank as Head of Legal. 6 month after she became Head of Legal and Compliance and work in this capacity till now on being in charge of all legal and compliance matters.

Company

JCS Sumitomo Mitsui Rus Bank

JSC Sumitomo Mitsui Rus Bank is the subsidiary of SMBC Group in Russia

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