FATCA letter from SCB

[Tiger9119]

Even IBKR also requires W-8BEN to be updated regularly.

 

[BBCWatcher]

Because revhappy is a foreign national, mabye SCB is more cautious because a foreign national could have US dual citizenship or green card holder and not as easy for them to check?

This one probably isn't a reason. It's perfectly possible and legal for a Singaporean citizen to be a U.S. permanent resident. It's also possible for a Singaporean citizen to be a U.S. citizen. That's not typically legal in Singapore, but tax evasion, money laundering, and other financial crimes are also illegal. I believe you can also be a Singaporean citizen, not a U.S. person, and subject to U.S. IRS backup withholding (meaning you're tax delinquent).

Revhappy gave the reason earlier. He mentioned he traded U.S. stocks in the past. Any/every time you file a disclosure form it's only your assertion of the present and past facts. Standard Chartered currently doesn't have any W-8BEN (or W-9, as applicable) on file which covers some portion of Revhappy's past U.S. stock holding time period. They also continue to have a business relationship with Revhappy, for now. They ask every 3 years, and that's why they're asking now. Probably Standard Chartered won't ask again if Revhappy maintains a business relationship but doesn't trade U.S. securities for the next 3 years, but that's speculative and up to the bank. But they've certainly got a perfectly sensible reason to ask now. (Again, not that a "sensible" reason is required, but this one is.)

 

[limster]

FATCA requirements go beyond stock trading and also applies to foreigners who have bank accounts.

If revhappy doesn't trade stocks but keeps a bank account, he'll still be required to declare his nationality/not a US person every few years. He's still classifed as a 'foreigner' opening a local bank account.

Maybe this is something SCB promised DOJ that they would do worldwide, as part of their settlement as they were flagged for not doing 'due diligence' on clients.

 

[Cookie Muncher]

It isn't hard to google and read on what is FATCA, what it applies on, who it applies to

 

[revhappy]

I remember since 2009, interest rates in Singapore were so low, it didnt even make sense to have a bank account other than for transactional purposes. Then as rates rose around 2012-13 I think SCB came out with Bonus Saver account, and from there we had a lot of banks offering these high interest accounts. So without realizing, I have signed up for accounts with so many banks now, that made sense in the past, but now rates are going to stay low, no point of so many bank account, I also have ICBC, CIMB, HSBC and DBS.

Now I am debating if it worth having so many relationships and have to comply with all the documentation. Not to mention, I also have Singlife, Dash and Also Tiq and they also need all this documentation.

 

[BBCWatcher]

While it’s kind of silly to have so many accounts, especially if they have minimum balance requirements, aren’t you exaggerating this burden?

 

[anthonygreenisreal]

Fatca declaration is common in financial institutions and you cannot Siam one. Don’t see the issue. Actually the bank would rather force terminate your relationship than keep you as a client because breach of Fatca is serious business.

 

[revhappy]

While it’s kind of silly to have so many accounts, especially if they have minimum balance requirements, aren’t you exaggerating this burden?

Regulatory burden is not the only thing. You need to maintain apps in your phone now that everything is soft token and that introduces risks that if your phone is hacked or lost. More apps, more you have to worry. It is better to make life simple and reduce the number of banking relationships especially if you are not really using them much.

I actually think we must have a separate andriod device for financial apps and it should not be our main phone with sms ability and it shouldnt always be connected to the internet. 2FA is not really 2FA if everything is done over the phone, if phone is hacked we are screwed.

BTW, did you guys know you can setup 2FA for your gmail as well. So that anyone trying to access it over the internet from a non verified device, will need additional authentication. Facebook too, you can setup 2FA.

I realize all this since I work in a bank need to do mFA for applications, so now I am implementing it at a personal level too.

 

[Moowoow]

Regulatory burden is not the only thing. You need to maintain apps in your phone now that everything is soft token and that introduces risks that if your phone is hacked or lost. More apps, more you have to worry. It is better to make life simple and reduce the number of banking relationships especially if you are not really using them much.

I actually think we must have a separate andriod device for financial apps and it should not be our main phone with sms ability and it shouldnt always be connected to the internet. 2FA is not really 2FA if everything is done over the phone, if phone is hacked we are screwed.

BTW, did you guys know you can setup 2FA for your gmail as well. So that anyone trying to access it over the internet from a non verified device, will need additional authentication. Facebook too, you can setup 2FA.

I realize all this since I work in a bank need to do mFA for applications, so now I am implementing it at a personal level too.

**** talent spotted

 

[polyglob]

BTW, did you guys know you can setup 2FA for your gmail as well. So that anyone trying to access it over the internet from a non verified device, will need additional authentication. Facebook too, you can setup 2FA.

Why you want to willingly feed these companies even more info about yourself, like associating your mobile phone number with your online identities?

 

[revhappy]

Why you want to willingly feed these companies even more info about yourself, like associating your mobile phone number with your online identities?

They have all our info anyways.

 

[Squaredot]

@revhappy, can u teach us how to setup 2FA for Gmail? Thanks.

 

[revhappy]

@revhappy, can u teach us how to setup 2FA for Gmail? Thanks.

Go to gmail. Top right corner, click your account icon -> manage your google account -> click security tab, scroll down -> there is a section signing into google -> 2 step verification -> You can choose sending a verification notification to your andriod phone for you to approve or sms based otp.

You can also select the devices which you already use and is recognized. So, on these devices, it will not ask for 2FA.

This link has more info: https://support.google.com/accounts/answer/185839?co=GENIE.Platform=Desktop&hl=en

To test whether it is working. Open incognito browser and try to login to gmail, it should ask you for the secondary authentication

 

[kram62]

Why you want to willingly feed these companies even more info about yourself, like associating your mobile phone number with your online identities?

There are different types of 2FA.

Not only SMS OTP or phone notification (for which you need to disclose some more personal information) is possible,
but also the TOTP (time based OTP) (usually set up by scanning a qr code with an authentication app like AndOTP (or alternatively entering the given secret string)) which is fully offline, no personal information is exchanged.

Many websites now offer 2FA using TOTP as an option, which increases your security without leaking any personal information and it can work fully offline. Also TOTP is a standard so there's no vendor lock in.

You can use any of the many available TOTP apps in the app store to generate the 2FA codes, they should all be compatible if implemented correctly. (This includes AndOTP, Google authenticator, Microsoft authenticator,...)

All of them are just more or less the same, store a secret string given by the website during set up of TOTP (usually as qr code) and then use it to generate a new 6 digit OTP code every 30 seconds.

 

[hwarzoner]

i received an email from SCB about "SC eSign - SG PPBB Client Tax has added you as a Signer to the eSignPackage "FATCA-3 Declaration".

I am a singapore citizen, not US citizen or PR. also need to declare or just ignore?

 

[dexboi]

signed the same last week via SC app eSign.
but mine is titled: FATCA-2 Declaration

This digital W8BEN is the 1st, all along banks require physical hardcopy with signature.
Anyways, as long as you have trading account that can trade US stocks,
W8BEN must be renewed with at each brokerage every 2-3yrs for non-US citizens.

But SC eSign process abit weird, need attach NRIC photos as proof of citizenship.
wadever, just sign and get over with uh.

 

[hwarzoner]

signed the same last week via SC app eSign.
but mine is titled: FATCA-2 Declaration

This digital W8BEN is the 1st, all along banks require physical hardcopy with signature.
Anyways, as long as you have trading account that can trade US stocks,
W8BEN must be renewed with at each brokerage every 2-3yrs for non-US citizens.

But SC eSign process abit weird, need attach NRIC photos as proof of citizenship.
wadever, just sign and get over with uh.

I see thank you