FATCA (Foreign Account Tax Compliance Act) Requirements. Russian Aspects

Stella Gukova, Head of Legal and Compliance Department, ZAO Sumitomo Mitsui Rus Bank, Russia

The Foreign Account Tax Compliance Act (FATCA) is quite a popular topic in legal society at this time. Although due to the complexity of regulation and volume of information there is still much uncertainty surrounding the practical application of FATCA to financial organizations. FATCA is more than 500 pages of professional language text, the structure of the document is quite complex and it contains a lot of complicated provisions. Considering the above mentioned it’s obvious that the format of the article doesn’t allow us to consider it in full. This paper is dedicated to the main basic points required to understand FATCA conception as well as to stress attention to the most critical items arising during practical implementation of FATCA and to provide some information on the current status of FATCA’s implementation in Russia.

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Russia Regulation Banking & Finance September 2013 Vol. 6, No. 24, Summer 2013

Stella Gukova

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Stella Gukova graduated the ordinary state school in 1999 and successfully passed exams to one of the best universities – State University – High School of economics. Right after graduation she joined big Russian bank Investsberbank (now it’s part of Hungarian OTP banking group). Then she joined MIRA bank, which was relatively small in comparison but provided all scope of banking transactions. After 3 years she joined IPF (British Financial Group). It was very interesting because it was start up of a new bank. She successfully managed the process of obtaining license and set up of business and had close communication with the Central bank of Russia. But unfortunately the global crisis changed IPF’s plans and it was decided to close the business in Russia. At that moment she received and offer from SMBC to join the team establishing a new subsidiary. She joined Sumitomo Mitsui Rus Bank as Head of legal and supported the project of establishment but in half of a year got additional assignment of Local Compliance Officer. Currently she is Head of Legal and Compliance department.

ZAO Sumitomo Mitsui Rus Bank

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ZAO Sumitomo Mitsui Rus Bank is subsidiary of SMBC group in Russia with charter capital in amount of 6,4 billion rub and banking license obtained in 2009.

Russia Regulation Banking & Finance September 2013 Vol. 6, No. 24, Summer 2013
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