In a recent announcement, BPI (The Bank of the Philippine Islands) is taking a hardline in ensuring FATCA (Foreign Account Tax Compliance Act) compliance for all of their clients. Specifically, BPI has provided account holders under 9/30/2016 to get into compliance, or else they will lose access to many features of their account, including ATM machine use.

In a recent Twitter announcement, BPI provided, ” Pursuant to BSP Circular 706, clients are requested to update their information on or before September 30, 2016. How?

1. Fill out and sign the Customer Information Sheet (CIS) and Foreign Account Tax Compliance Act (FATCA) Form. You can visit your branches or download the forms via BPI Express Online.

2. Present the accomplished form and submit a photocopy of one valid, recent and photo-bearing ID.

3. Submit to your nearest branch or send via mail.

If you have updated your client information this year, you may disregard this advisory.”

Golding & Golding – Offshore Disclosure & FATCA Compliance

Golding & Golding, A PLC

We have successfully represented clients in more than 1,000 streamlined and voluntary disclosure submissions nationwide and in over 70-different countries.

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.