"ACBA BANK" OJSC has implemented an effective compliance system, the purpose of which is to protect the Bank's customers and the Bank from financial losses, to provide a reliable and transparent environment for customers, where the code of conduct and the protection of customers' interests play a primary role.
Get acquainted with the Compliance Policy of "ACBA GROUP" financial group here.
"ACBA BANK" OJSC is the only organization in RA certified by the famous ISO (International Organization for Standardization) structure with the ISO 19600:2014 - Compliance management systems certificate, thereby bringing the compliance process implemented in the Bank to a new, more stable and reliable level and equaling the most modern and strict requirements in the international field.
In 2014, an intergovernmental agreement was signed between the USA and the Republic of Armenia on reaching an agreement on compliance by the financial organizations of the Republic of Armenia with the provisions of the US FATCA law and thus improving cooperation in the fight against international tax evasion.
You can familiarize yourself with the intergovernmental agreement at the following link: Intergovernmental Agreement between the Republic of Armenia and the United States.
FATCA is the US Foreign Account Tax Compliance (FATC) Act.
The purpose of the FATCA law is to identify persons who are US taxpayers within the Bank's account holders and to submit a report on them to the US tax service within the terms and procedure defined by the law.
The FATCA law applies to customers who have any financial account with the Bank and have any US criteria. A financial account is a bank or current account opened in the Bank, a card, a deposit, some transit accounts, etc. If you are served at the bank, the employee will inform you about the need for FATCA identification, if you already have or have applied for opening a financial account.
See the intergovernmental agreement attached below for an explanation of the term "financial account".
US criteria is considered to be US citizenship, place of birth, residential or registered address, center of vital interest, telephone number, US visa, frequent transfers to or from the US, a family member who meets any of the criteria, or the existence any US ties or another personal connection.
No. The FATCA law does not imply an increase in taxes paid by US taxpayers. The bank has no authority and duty to collect taxes. The main purpose of this law is to ensure the exchange of data between financial institutions and the US tax service.
According to the agreement signed between the governments of the USA and RA, financial organizations operating in the territory of RA have the obligation to comply with the requirements of the FATCA law. "ACBA BANK" OJSC observes the requirements of this intergovernmental agreement. We inform you that avoiding compliance with the requirements of the FATCA law, even supporting the concealment of data by a financial organization, may lead to your bearing significant risks.
If you have a financial account opened at the Bank or have applied to the Bank to open such an account and if you have any connection with the United States, including citizenship, place of birth, residential address, telephone number, frequent transfers to or from the United States, or any other personal connection, for account opening/maintenance, the Bank is obliged to collect your FATCA identification documents, which will be provided to you by the Bank employee, depending on your relationship with the US and the fact that you are a US taxpayer.
After collecting information and documents necessary for FATCA identification, including your consent to data sharing, you may be reported to the US tax service in accordance with the provisions of the FATCA Act.
We inform you that the information collected about you within the framework of FATCA identification is protected by the RA laws "On Personal Data Protection" and "Bank Secrecy", as well as by the Bank's internal procedures.
As a result of not providing complete information and documents necessary for your FATCA identification, avoiding it or hindering it, you will be classified as a "non-cooperative customer", which may lead to the release of information about your data and banking products in case of a special request by the US tax service. In case of this status, it is also possible that measures of responsibility will be applied by the US tax service, regarding which, however, the Bank is not authorized and is not able to provide complete information.
At "ACBA BANK" OJSC, we appreciate and value the importance of personal data entrusted to the Bank. One of the main responsibilities of the bank is to ensure the proper protection of the data of all its customers or persons who have transferred personal data in any other way and the full application of the rights defined by the law.
"ACBA BANK" OJSC is the first organization in Armenia to be certified by the famous ISO (International Organization for Standardization) structure with ISO/IEC 27701:2019 Privacy Information Management System certification, which made the process of data processing in the Bank even more secure and stable and in accordance with international best practices and requirements.
The data collected about the customers is kept at least during the entire duration of the transaction or business relationship concluded with the customer, and after that, within the time limits set by RA legislation and other regulations applicable to the members of the "ACBA GROUP" financial group/accepted by the members of the group. You can view your personal data in the Bank. It's for free.
"ACBA BANK" OJSC observes the provisions of the RA Law "On Personal Data Protection" during the collection, processing and protection of personal data within the framework of its activities.
The bank is also certified with the Personal Data Management Certificate ISO27701:2019 and has undertaken to comply with its provisions.
In "ACBA BANK" OJSC, your data is protected by the RA Law "On Protection of Personal Data", the data containing bank secrets - by the RA Law "On Bank Secrecy" and by the Bank's internal procedures based on them.
According to the RA Law "On Personal Data Protection", you have the right to access your personal data, change them, limit their processing and other rights defined by law.
In case of getting acquainted with your personal data processed by the Bank, changing them, limiting their processing or performing other actions related to the processing of your personal data or other questions and problems related to them, it is necessary to submit a written application to any branch or Head Office of the Bank or send an e-mail to firstname.lastname@example.org address, using your email address that you provided to the bank during your identification.
The Head of Risk Management and Compliance Department of the Bank, who acts as the Personal Data Protection Officer (DPO), is responsible for the protection of your personal data in the Bank. You can contact the latter directly by sending an e-mail to email@example.com email address you provided to the bank during your identification, asking the questions you are interested in or submitting your request regarding the personal data being processed about you.
The message shall be sent from your email address, which you provided to the bank during your identification.
Head of Risk Management and Compliance Department: Armen Melkumyan