+16878815859
AML - Money Laundering Prevention
In compliance with the provisions and guidelines for the detection and deterrence of money laundering and financing of terrorism, the main laws and decrees of the island of the Bahamas were ordered by the Central Bank of Bahamas.
Temporary Policy - Venezuela Situation
Dear Customer,
As you may be aware, new sanctions were imposed on the Government of Venezuela on August 5, 2019, including, but not limited to, anyone who has acted or purports to act directly or indirectly on behalf of any Venezuelan government entity.
We hereby inform you that Devos Bank NV has screening systems and procedures in place to identify transactions that may violate the sanctions programs administered and enforced by the United States Treasury’s Office of Foreign Assets Control (“OFAC”). For through our institution you will not be able to execute any transaction with any government entity, or individual associated with the Venezuelan Government.
As a result of the new sanctions, you may experience delays in executing requested payments. We require your full cooperation at the time we request additional information. Please respond quickly and include supporting documentation and details to speed up the process.
Thank you for your immediate attention to this matter. If you have any questions or concerns, do not hesitate to contact our telephone numbers from Venezuela (+16878815859), or by email at info@devosbank.com.
FATCA
In accordance with the FATCA regulations, approved by the US Congress in 2010, and the Agreement signed between Spain and the US in 2013, measures are established that facilitate the collaboration of financial entities with the US tax authorities, to improve compliance with tax obligations in both countries.
In this way, Devos Bank NV complied with the registration process with the IRS, was assigned a GIIN identification number, and has implemented the necessary internal identification information management measures for this purpose.
Who does FATCA apply to?
- US citizens, by birth or naturalization.
- Tax residents (those who have a “Green Card” residence card or meet the requirement of a substantial presence greater than 183 days in the last 3 years).
- Companies incorporated in the United States, or pursuant to United States law.
- Companies that have at least one shareholder are considered to be a US person with a shareholding greater than or equal to 10% of the company, the same as any US signatory or related party.
What is the purpose of FATCA?
The overall purpose is to detect, deter, and deter foreign tax abuses through increased transparency, improved reporting, and strong penalties.
The ultimate goal of the US legislation is to obtain information regarding foreign accounts and investments owned by US taxpayers rather than collect taxes through the new withholding tax regime.
CRS
Taking the information exchange structure established by FATCA as a model, the OECD began the process of adhering to a system known as the Common Reporting Standard (CRS)
It is a requirement framework similar to FATCA, which establishes the obligation to identify the fiscal domicile of its clients and last beneficial owners or those who have control over legal persons, in order to correctly inform the Tax Agency.
Who does CRS apply to?
- Resident Individuals for tax purposes of a participating jurisdiction.
- Legal Entities resident for tax purposes of a participating jurisdiction.
- Passive Entities that have controlling persons who are tax residents of a participating jurisdiction.
What is the purpose of CRS?
Prevent tax evasion and maintain the integrity of tax systems, through a process of international cooperation of all participating jurisdictions.
