Saudi Arabia: Monetary Agency Requires Banks to Reveal American Customer Details
Type
E-journal
Date
29 Nov 2012
Jurisdiction
Saudi Arabia, USA
Taxonomy
Financial Institutions, International Tax
Copyright
LexisNexis
Analysis
Saudi Arabia's Monetary Agency has announced banks and financial firms operating in the Kingdom should reveal the details of their American customers. The move is aimed at implementing the US Tax Compliance Act.
The secretary general of the information and awareness committee in Saudi banks, Talaat Amin said banks operating in the Kingdom should sign an agreement with the US internal revenue service and the details of these agreements will be available by the end of 2012.
Amin added implementing the 2012 Act applies to all in Saudi Arabia and said the new procedure should be implemented from the 30 June 2013.
For full story see http://www.raya.com/news/pages/02f68c57-1abd-41ba-863e-029e0b82ac17 and http://www.al-madina.com/node/416872?live