Banks because FATCA agreement made changes in information systems

Several Slovak banks are already preparing for the new obligations arising from the agreement FATCA (Foreign Account Tax Compliance Act). Because it had to make changes in particular in its information systems.

“Following the agreement FATCA UniCredit Group has developed separate software for the purpose of fulfilling the obligations under this Agreement. This new software is connected and works with existing information infrastructure bank, “a spokeswoman for closer UniCredit Bank Czech Republic and Slovakia in Slovakia Zuzana Ďuďáková.

Editing systems confirmed by the Slovak savings bank, VUB Banka, and Tatra banka. “Of course, implementing rules for the exchange of tax information requires adaptation of the system to record client data and subsequent processing of this data under the approved bill, particularly in-depth examination of the so-called existing clients. These activities require a reasonable cost and commitment of staff capacity, “noted Tatra banka spokeswoman Zuzana Povodová.

Even the words of VUB Bank spokeswoman Alena Walterová new information obligations required a “not insignificant changes to the information systems of the bank”. Providing information under FATCA agreement should not constitute a breach of banking secrecy.

“As regards banking secrecy, really FATCA requires the provision of data that are subject to banking secrecy, but the Banking Act information for that purpose afford to provide. It is not an illegal provision of data, “said spokeswoman Alena Walter VUB Bank.

As noted by the expert for Maroš Ovčařík, banks can already today without the client’s consent institutions such as the police, law enforcement agencies, court and bailiffs, tax and customs office, and information services.

“However, they have specific information about the bank in advance to request in writing. In addition, banks reported to the police without the written permission of the unusual transactions on the accounts of clients. Such may be as high amount deposited in cash or transfer to an unusually high amount, unusual transfers to and from abroad, “approximately Ovčařík. He added that when receiving a request for information from another country call for such information would be high likely consulted with the Ministry of Interior. “In other words, banks would coordinate the provision of such information with the police,” he added Ovčařík.