Sales and Distribution Department
Correspondent Banking Department
Economic and Financial Information
Code of Ethics and Professional Conduct
Complaints and Customer Service
Data Protection and Confidentiality
Corporate Governance and Remuneration Policy
Appointments and Remuneration Committee
Joint Audit and Risk Committee
FATCA
In line with the FATCA regulations, enacted by the US Congress in 2010, and the agreement signed between Spain and the US in 2013, measures have been established to facilitate the cooperation of financial institutions with US tax authorities, enhancing compliance with tax obligations in both countries.
Bank of Africa Europe has complied with the IRS registration process and has been assigned a Global Intermediary Identification Number (GIIN). Additionally, the necessary internal measures for managing identification information have been implemented for this purpose.
CRS
Drawing on the information exchange framework established by FATCA, the OECD initiated the process of adopting a similar system, which Spain joined by adapting its tax regulations in 2015.
This framework, known as the Common Reporting Standard (CRS), sets obligations similar to those of FATCA. It requires the identification of clients' tax residencies and the ultimate beneficial owners or those with control over legal entities, to ensure accurate reporting to the Tax Agency.
