Banks in Serbia will send client data to U.S. authorities
Commercial banks in Serbia have started requesting from their clients to allow their account information to be provided to U.S. tax authorities.
Tuesday, 12.08.2014.
09:30
Banks in Serbia will send client data to U.S. authorities
Commissioner for Information of Public Importance and Personal Data Protection Rodoljub Šabić, however, reacted to this new practice by banks in Serbia and requested a special monitoring procedure.The commissioner's website says Šabić reacted to media reports that banks were requiring new clients to allow their information about their accounts to be sent to US tax authorities in order to be able to set up an account.
The requirements, if existing, are not in the commissioner's jurisdiction as such, but they constitute a violation of the law that the NBS should point out, Šabić stated.
Tanjug asked the NBS for an explanation and the bank said the Ministry of Finance notified it on July 2 that a confirmation of Serbia's intention to join the international agreement on the implementation of the Foreign Account Tax Compliance Act (FATCA) had been signed.
Part of that package is Serbia's agreement to be included on the list of jurisdictions on the FACTA website, which was included in the ministry's notification sent to the NBS, the bank stated.
The goal of the agreement is to establish an organized exchange of information in order to better collect U.S. taxes, the NBS explained.
The central bank says it has not issued any recommendations to the banks, but that it would be included in the implementation of the agreement once signed.
Šabić, however, points out that any potential harmonization of Serbian regulations with those of other countries or international organizations require an international agreement that would be ratified by the parliament and become the basis for personal data processing in Serbia.
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