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A comment on Money Laundering and AML Compliance. Parent comment

Re:Money Laundering and AML Compliance by quelltext on Saturday February 11, 2023 @12:54AM (#34749948) 

    Well, only specific bank accounts are subject to FACTA:
    
    ...
    
    Investment accounts and custodial accounts (of individuals and entities), even when they are a resident in the FACTA partner country. This is true, as long as the custody account doesn't have income flows into this accounts (eg dividends or interests).
You say that investment accounts are subject to FACTA, but not anymore if dividends or interest earnings flow in? I'm confused.
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Re:Money Laundering and AML Compliance by nfzOndjy on Saturday February 11, 2023 @07:11AM (#34751657)
I am confused as well. Maybe you could share a reference? I am trying to understand how this would affect 401K/IRAs for people leaving the US.
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Re:Money Laundering and AML Compliance by super256 on Saturday February 11, 2023 @01:21PM (#34754779)
The comment above should clarify a few things.

Unfortunately, I don't have a reference, as I was told this by an advisor from PWC a few years ago. I guess you could contact any good tax consultant, tell him the details, and let him look into it. I have no idea about how 401K works in the US.

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Re:Money Laundering and AML Compliance by super256 on Saturday February 11, 2023 @06:50PM (#34757750)
I found some resource here:

https://uskanzlei.com/pages/usa-oecd-crs-facta-aia

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Re:Money Laundering and AML Compliance by super256 on Saturday February 11, 2023 @01:16PM (#34754724)
Sorry, I missed “US” in this sentence. It should say:

  Investment accounts and custodial accounts (of individuals and entities), even when they are a resident in the FACTA partner country. This is true, as long as the custody account doesn't have \*US\* income flows (eg dividends or interests).
To be clear: US custody accounts of individuals and entities, which are not US taxpayers, but receive US income, are subject to FACTA data exchange.

But, if you don't have the before mentioned US income to your account, you are exempted from data sharing.

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