Foreign bank reporting

Privately held foreign bank or brokerage account is part of the individual assets and therefore implies compliance with the applicable legislation in the state of account holder’s residency. Being very sensitive to any violations and also subject to information exchange, foreign bank account demands scrupulous attention. Besides tax implications, currency control regulations and reporting obligations form part of the compliance planning. 

MP Part can offer a hand in the national and international compliance matters related to opening, holding and closure of the foreign bank or brokerage account. We assist in implementing the solution to ensure that any applicable compliance obligations associated with foreign bank accounts are timely and properly met. Our services are continuously updated and include:

  • compilation of forms, declarations, notifications and returns related to private bank account with foreign banks in the required standard; 
  • coordination of receipt of the necessary information and documentation related to operations over the accounts;
  • support in communication with the relevant authorities in respect of foreign bank reporting;
  • analysis and planning of the currency operations;
  • analysis and proposals as to optimization of the foreign account operations;
  • support in communication with the banking institution on various compliance matters.