Compliance Means the World to Us is our motto to which our operations will be guided by. It is paramount that all the governing laws, The Proceeds of Crime Act, 2000; the Anti-Terrorism Act 2002; the Anti-Terrorism (Prevention of Terrorist Financing) Regulations, 2011 and Financial Action Task Force regulations are adhered to by Acme Trust and its clients.
Having customer identification is critical in Knowing Your Customer (KYC) and as a result is it mandatory for the following information to be sent to us for the setting up of an entity.
Due Diligence Requirement
Original signed Client Questionnaire
High quality certified or notarised picture identification of passport and driver’s licence
Original or notarised utility bill or bank statement with permanent residential address (No P. O. Box)
Original bank reference letter
Original professional reference letter
FATCA stands for Foreign Account Tax Compliance Act which was enacted by the United States of America in March 2010 with the intention of combating and or reducing lost tax revenues from US citizens who have investment and assets accounts outside of the US.
The Government of St. Kitts and Nevis will execute the Model 1 IGA by the Government of St. Kitts and Nevis and the US Department of the Treasury.
Under FATCA, Foreign Financial Institutions (FFI) are expected to report to the IRS on “US person” who holds account with them or if they own over 10% of an entity that has an account with the FFI. Failure for the US person to comply will result in a 30% levy to any payments from sources within the United States.
Our Client Questionnaire Application will have information in determining who is a US person. The term US person may be defined as a person born in the US; US Citizen; US passport holder or an entity that is owned by United States citizen that has control or own 10% or more of the entity.
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