By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nationalised lender, Keystone Bank Ltd on Thursday directed its customers who are United States (US) citizens/residents, directors/shareholders, investors and/or entities or companies that maintain accounts or business relationship with the bank to comply with the Foreign Account Tax Compliance (FATCA).

An e-mail notice to InvestAdvocate by the lender is requesting those who fall under this category to immediately visit any of the Keystone branches to update their information and execute a letter of of consent/indemnity in line with FATCA requirements.

“FATCA requires that Keystone Bank obtains and report information on your accounts or investments to the United States Internal Revenue Service (IRS) or you suffer a 30 percent withholding tax for non-compliance,” Keystone Bank affirmed.

The bank says the directive is in line with the Central Bank of Nigeria (CBN) circular referenced FPR/DIR/GEN/CIR/04/004 and the Nigerian Deposit Insurance Corporation (NDIC) circular referenced NDIC/EDOPS/FATCA/VOL.111/45 dated January 22, 2015 and December 24, 2014 respectively.