Website Terms and Conditions
Please read the details set out below carefully before using this website (the “Site”). By accessing this Site, you agree to be bound by the following terms and conditions and disclaimers (the “Terms”).
References to ‘you,’ ‘your’ and ‘yours’ are references to the person(s) accessing the Site.
References to ‘we,’ ‘us’ and ‘our’ are references to EQIBank including its subsidiaries, associated and affiliated companies.
All our products and services and those of other members of the EQIBank are subject to the Terms and Conditions and disclaimers of the applicable agreement governing their use. These Terms are to be read by you together with any terms, conditions and disclaimers provided in the pages of the Site. In the event of any conflict, the terms, conditions and disclaimers provided in the pages of the Site shall prevail over these Terms. The information, material and content provided in the pages of the Site may be changed at any time without notice. Changes may be made to the Terms at any time without notice by updating this posting. You agree to review the Terms regularly and your continued access to or use of the Site will mean that you agree to any changes.
Users of This Site
Issued by EQIBank Limited, of EQIBank Limited, 24 Hillsborough Street Suite II, Roseau Dominica, which is licensed to conduct Banking Business by the Financial Services Unit. The Site is primarily intended for those who access from outside the Eastern Caribbean Currency Union. Because of this, we cannot guarantee that the Site or the information thereon complies with law or regulation of other countries, or is appropriate for use, in other places. You are wholly responsible for the use of the Site by any person using your computer and you must ensure that any such person complies with these Terms. The information provided on this Site is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to law or regulation. This Site should not be considered as communicating any invitation or inducement to engage in banking of investment activity or any offer to buy or sell any securities or other instruments. EQIBank reserves the right to adjust fees at anytime. EQIBank reserves the right to amend, withdraw or not release any product or services at its sole discretion.
Not all products and services and investments described on this site are available in all jurisdictions and some are available on a limited basis only, due to local regulatory and legal requirements. The material on these pages is not intended for use by persons located in or a resident in jurisdictions which restrict the distribution of this material by us. Persons accessing these pages are required to inform themselves about and observe any relevant restrictions.
This Site does not constitute an invitation to buy or the solicitation of an offer to sell investments in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction.
EQIBank is a licensed and regulated bank. EQIBank Limited is registered at 24 Hillsborough Street Suite II, Roseau Dominica, Commonwealth of Dominica, West Antilles. EQITrade Limited is registered at Strathvale House, North Church Street, KY1-1102 George Town, Grand Cayman.
If You Would Like to Make a Complaint
We are committed to providing you with a first-class service and effectively delivering the products and services you need. Even with the best of intentions, we know things can go wrong. So, if for any reason you are not entirely satisfied with any aspect of our service, please let us know as soon as possible. We’ll investigate the situation and where necessary, set about putting things right as quickly as possible. We may also take steps to avoid similar problems happening in the future. Your views are important to us and your feedback is key to improving the products and services we offer.
If you’re an existing customer and use our Internet banking service the quickest and most secure way is to use the Contact centre to send us a message, once you have logged on. If you don’t currently use our Internet Banking service or don’t bank with EQIBank then you can email us at email@example.com
Write to us at the following address:
EQIBank, 24 Hillsborough Street Suite II, Roseau Dominica, Commonwealth of Dominica, West Antilles. EQITrade Limited
Credit and mortgages are may be available from EQIBank, where applicable. Credit facilities are subject to status and mortgages are subject to security. For mortgages or other secured loans, a charge will be taken over the property. Written details of credit facilities are available on request and its best to Contact Us.
Your property may be repossessed if you do not keep up repayments on a mortgage.
Any EQIBank Debit Card or Credit Card provided by EQIBank is a regulated product.
Nothing on this Site constitutes a solicitation or offer, to acquire or dispose of any investment, nor is it intended to form the basis of an investment decision and it should not be treated as if it were, or relied on in any way. Nothing on the website shall constitute investment advice or a recommendation to buy or sell investments by EQIBank.
EQIBank Products and Services
EQIBank’s products and services will be formally launched in 2019 and are depended on EQIBank securing and/or maintaining correspondent bank facilities and/or commercially viable insurance. This means that EQIBank products and services and other features of the EQIBank platform may not be available in certain markets, or at all. This could require a restructuring of that ecosystem and/or its unavailability in all or certain respects.
The value of investments (and any income received from them) can fall as well as rise and you may not get back the amount you invested. For some investments, this can also happen as a result of exchange rate fluctuations as shares and funds may have an exposure to overseas markets. Due to the difference between the buying and selling prices of shares, which will particularly impact on the value of your investment in the short term, you should regard investment companies as medium to long-term investments. Nationals of certain countries or territories may be subject to exchange controls and should seek independent advice before investing.
The risk of loss in trading or holding Digital Currency can be substantial. You should therefore carefully consider whether trading or holding Digital Currency is suitable for you in light of your financial condition.
Whilst banking with EQIBank offshore may have potential tax benefits for you. Tax rules differ from country to country. If you are unsure about your personal tax obligations you should seek professional tax advice. It is your responsibility to disclose your income to tax authorities.
Your tax situation will depend on your personal circumstances and we recommend you obtain independent tax advice. Any tax information in this website is based on our understanding of current and proposed legislation and practice. Legislation and practice may be subject to change.
The following clauses exclude or limit our legal liability for the Site. You should read them carefully. They all apply only as far as the law permits, and in particular, we do not exclude or restrict our duties and liabilities to you. No representation or warranty is made, or implied, as to the accuracy or completeness of any information on the Site or on which the Site, or any information on it, is based. While we have taken reasonable steps to ensure the accuracy, currency, availability correctness and completeness of the information contained on the Site, information is provided on an “as is,” “as available” basis and we do not give or make any warranty or representation of any kind, whether express or implied. The use of the site is at your sole risk. We shall not be liable for any loss or damage whatsoever and howsoever arising as a result of your use of or reliance on the information contained on the site to the maximum extent permitted by law.
We do not represent or warrant that the Site will be available and meet your requirements, that access will be uninterrupted, that there will be no delays, failures, errors or omissions or loss transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties.
We make no representations or warranties regarding the accuracy, functionality or performance of any third party software that may be used in connection with the Site.
Third Party Sites and Endorsments
Where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any other websites or pages linked to or linking to this Site. We have not verified the content of any such websites. Following links to any other websites or pages shall be at your own risk and we shall not be responsible or liable for any damages or in any other way in connection with linking. Links to downloadable software sites are for convenience only and we are not responsible or liable for any difficulties or consequences associated with downloading the software. Use of any downloaded software is governed by the terms of the licence agreement, if any, which accompanies or is provided with the software. When you access or link to any other website, please read the terms and privacy notice issued by such other website to determine the policies that apply to information or data maintained by that website.
No endorsement or approval of any third parties or their advice, opinions, information, products or services is expressed or implied by any information on our Site.
Messages sent over the Internet cannot be guaranteed to be completely secure as they are subject to possible interception or loss or possible alteration. We are not responsible for them and will not be liable to you or anyone else for any damages or otherwise in connection with any message sent by you to the Bank or any message sent by the Bank to you over the Internet.
We maintain strict security standards and procedures to prevent unauthorised access to information about you. EQIBANK will never contact you by email or otherwise to ask you to validate personal information such as your user ID, password, or account numbers. If you receive such a request, please let us know by Contacting Us.
EQIBank operates channels, pages and accounts on some social media sites to inform, assist and engage with customers. We monitor and record comments and posts made on these channels about EQIBank so that we can improve our services.
EQIBank is not responsible for any information posted on those sites other than information we have posted ourselves. We do not endorse the social media sites themselves, or any information posted on them by third parties or other users. EQIBank doesn’t give investment, tax or other professional advice via social media sites. You should always seek independent advice before making such decisions.
When you engage with EQIBank via social media your personal data may be stored on that social media site’s servers which are outside the control of EQIBank and may be in the US or elsewhere outside of Dominic, Cayman Islands or the UK. Any information posted to such sites may be accessed and read by the general public. It is not an appropriate forum to discuss customers’ products or financial arrangements. EQIBank will not ask you to share personal, account or security information via social media sites, and you should not post such information on those channels.
EQIBank regularly updates and monitors our social media accounts and welcomes feedback and ideas submitted via these channels. EQIBank endeavours to join the conversation whenever possible, however, cannot guarantee to read or reply to all messages sent to official EQIBank social media accounts.
Emerging themes and helpful suggestions are passed to the relevant people within EQIBank for consideration but no guarantee is made that any proposals will be acted on.
Trademarks and Copyright
Copyright in the page screens, information and material in their arrangement included in this Site is owned by or licensed to EQIBank unless otherwise noted. You may imprint, copy, download or temporarily store extracts from our Site for your personal information or when you use our products and services. You must not alter anything. Any other use is prohibited unless you first get our written permission. In particular, no one may use a part of our Site on any other website, or link any other website to our Site, without our prior written permission.
Your contract with EQIBank is governed by the laws of the Cayman Islands, as our dealings with you up until the contract is concluded. We are required to tell you that the terms and conditions of the contract are in English and we will communicate with you in English. If you have a dispute with EQIBank, we will attempt to resolve any such disputes through our support team. Any dispute, controversy, or claim arising out of or in connection with this contract, or the breach, termination or validity thereof, shall be submitted to the Chartered Institute of Arbitrators (CIArb) and settled by final and binding arbitration in accordance with the CIArb Arbitration Rules. Judgment on any award issued under this provision may be entered by any court of competent jurisdiction.
Online Banking Terms and Conditions
“Client Administrator” Means one or more natural person(s) appointed by the Client who is responsible for authorizing designating Users and assigning authorization levels. The Bank will establish user IDs, initial passwords and issue security codes.
“Intellectual Property” Means computer code, patents, trademarks or other proprietary material related to the online banking service or the Bank which you may have the occasion to copy, download, read or print.
“Online Banking” Means our internet banking service and includes on-line real time access to Account information, transferring funds between Accounts, wire transfers and access to other electronic financial products and services authorized and/or provided by us.
“Transaction” Means any transaction as described in section 7 of this supplement.
“You”, ”Your” and “Client” Means each person who requests access to Online Banking or uses Online Banking
“We”, “Us”, “Our” and “Bank” are references to EQIBank, Ltd
- These terms and conditions are supplemental to the terms and conditions of the master Account Agreement entered into between you and the Bank. These terms and conditions (and/or any amendments) will come into force and effect on the date they are accepted. If a Transaction is made on an Account, you are deemed to have received, read and understood these terms and conditions and to have agreed to be bound by such terms.
- In the event of a conflict between this supplement and the master Account Agreement, the supplement shall prevail regarding your use of Online Banking and the master Account Agreement will prevail with respect to other matters.
- Defined terms used herein but not defined shall have the same definition as in the master Account Agreement.
ACCEPTING THIS AGREEMENT
- This Agreement governs your use of the Online Banking system, EQIOBS. By clicking “Accept” and using EQIOBS you signify that you agree to be bound by this Agreement as it may be amended from time to time. If you do not agree with all the terms and conditions of this Agreement, you may not use Online Banking.
- Notification of any amendments to the terms and conditions on the provided on the home page of EQIOBS. It is the client’s responsibility to review the amendments to the terms and conditions on a periodic basis.
- Neither the course of conduct of the Client or Bank nor trade usage shall act to modify or alter any of these terms and conditions. The Bank reserves the right to change or modify at its absolute discretion the rules of operation, accessibility, security procedures and provisions, type and location of resources, administration, features and functionality of the online banking system.
- The Bank makes no representations, warranties, conditions or other terms, express or implied, as to the performance, quality or fitness for purpose of the online services.
- The Bank does not warrant that access to online banking will be error - free or uninterrupted or that the functions of the online banking will meet your needs and you acknowledge and agree that interruptions in access to the Banks computer systems may occur and that the Bank shall have no liability whatsoever in respect of any such interruption. If any such interruption occurs, the Bank shall, in so far as the interruption is within its control, use all reasonable efforts to restore such access as soon as is practicable.
- You shall use the online banking services for your own purposes only and shall not make any part of it available for usage by any third party except in accordance with the Agreement.
INSTRUCTIONS AND NOTICES
- When you transmit instructions to the Bank, approval and confirmation thereof will be displayed online and/or by email to you should any instruction be declined, notification thereof will be sent to you in the same manner as notification of a confirmation or an approval. Should you not receive an acceptance or rejection notice of an instruction within a reasonable time of having sent an instruction, then such instruction will lapse, and the Bank shall not be bound to consider such instruction, nor confirm, approve or reject it.
- The Bank will use reasonable endeavors to effect an instruction or to amend or cancel any earlier instruction provided that such earlier instruction has not already been approved. The Bank shall not be liable whatsoever to the Client for any losses suffered or incurred by the Client in not amending or canceling an instruction.
- The Client agrees that it shall keep secret and not disclose its security Information to any third party except in accordance with the Agreement.
- If the Client has reason to believe that its security Information or any part thereof pertaining to its access to online banking is ever in the possession of any unauthorized third party, the Client shall immediately contact the Bank by telephone and request that all access codes be reset, and confirm such request in writing.
- The Bank or any of its employees or affiliates shall have no liability whatsoever to the Client or any of its Affiliates for losses suffered by the Client in respect of any instruction transmitted as a result of the possession and/or usage of its security Information.
- If a designated User has lost their password or security token they must notify their Bank Account representative immediately, so that a new password or security code can be issued. The designated User will be allowed to attempt to enter online banking with the security codes 3 times. If the third attempt fails, the designated User will not be allowed to log into the online banking application. In this case the designated User must notify the Bank Account representative so that the security token value can be reset.
- The Bank will provide the Client Administrator with a user ID, initial password and security code necessary to access the online banking service. The Client Administrator must change its password on the initial login. The Bank will assign a security code for each transaction.
- The Client Administrator will be the person that the Bank contacts in the event of queries which the Bank may have from time to time. Any change of Client Administrator shall be immediately notified to the Bank. The Bank is entitled (but not bound) to take reasonable actions in respect of such queries or problems if the Bank is unable to contact the Client Administrator.
- The Bank shall provide support by email at: firstname.lastname@example.org
- ONLINE BANKING TRANSACTIONS
“Account Inquiry” - A designated User has the ability to view all of their active Bank Accounts online and on a real-time basis (24/7).
“Wire Transfers” - A designated User has the ability to initiate a wire (funds) transfer transaction online to an external party from their Accounts that have sufficient balances on a 24/7 basis to any.
“Internal Transfers” - A designated User can initiate an internal transfer of funds online from or to any of their designated Accounts on a 24/7 basis.
“Fixed Deposits and Fixed Deposit Renewals” - A designated User can request to establish online a fixed deposit Account or renew an existing fixed deposit Account. The interest rate will be established two business days prior to the start date of the deposit. The Bank will notify the Client of the interest rate.
“Foreign Exchange” - Transactions cannot be conducted online. Please contact your Account representative for information how to process such trades.
- If certain activities occur on an Account, the Client may request to receive Alert notices via secure email or internet email. The Client Administrator will inform the Bank which designated Users should receive the Alerts. Each individual designated user has to establish the limits for each Account for each Alert after their initial login.
- You may request to receive an Alert notice with respect to the following: Current Accounts: Account Balance High Limit, Account Balance Low Limit, Large Transaction Amounts, and Large Credit Amounts.
- Fixed deposit Accounts: Number of days to maturity and maturity of deposit today.
LIMITATIONS OF LIABILITY
- The Client acknowledges and agrees that the Bank shall have no liability in relation to losses suffered or incurred by the Client in relation to the use of the online banking services as a result of any act or omission on the Banks part in fulfilling any part of this Agreement. The Client further agrees that the Bank will not be liable for indirect, special or consequential damages, even if it is advised of the possibility of such damages.
- Without limitation to the foregoing, the Client acknowledges and agrees that access to online banking services including transmittal of instructions may be carried out by the usage of technology which varies in terms of reliability, and that the Bank is not liable for and breach of the Clients security, or any breach of the Banks security, whether such breach is committed by the Bank, the Client, or a third party.
- The Client agrees to indemnify the Bank and any of its affiliates against all actions, claims, proceedings, suits and demands which may be brought against the Bank and any losses incurred or sustained by the Bank or an affiliate in properly performing its obligations or duties hereunder, specifically in relation to the Clients use of the online banking service and pursuant thereto, the Client authorizes the Bank to debit the Clients Account accordingly in respect of any claim for indemnification properly made by the Bank.
- The Client alone is solely responsible for the expense, installation, upgrade and maintenance of all hardware, software and provision of telecommunications used to access the service.
- INTELLECTUAL PROPERTY
The Client acknowledges that it does not own any copyright or other Intellectual Property rights in the service and is subject to the conditions of confidentiality specified in the master Account Agreement.
- GOVERNING LAWS AND JURISDICTION
If the Client accesses the service from a country outside of the Commonwealth of Dominica, the Client shall be responsible for complying with the laws and regulations of that country.
The construction, validity, and performance of this Agreement will be governed by Commonwealth of Dominica law and the Client irrevocably submits to the jurisdiction of the Courts of the Commonwealth of Dominica.
Your privacy is important to us. This notice (Privacy Notice) applies to personal information we collect from you when you use this website. If you’re an EQIBank customer, or otherwise have a relationship with us, we may also have provided you with a separate privacy notice setting out how we use your personal information, which will also apply. You can also find that privacy notice by visiting the website for the product or services we provide you (for example, https://eqibank.com) or by contacting your customer service team.
Some of the links on this website may lead to EQIBank or non-EQIBank websites with their own privacy notices, which may be different to this Privacy Notice, and you should read those notices carefully.
Please note that this website is hosted in North America and issued by EQIBank. For us to address any concerns, comments or complaints about this website most effectively, we recommend that these should be directed to either to our customer service team (details on the website), our data protection officer i or the local data protection regulator (details provided below).
For the purposes of this Privacy Notice, the data controller will be EQIBank, a company incorporated in Dominica.
We’ve also set out contact details for our data protection officer towards the end of this notice.
Information we may collect from you
We may collect and process the following information about you:
- Information that you provide to us, such as when you fill out a contact or web form, or if you register to receive alerts or updates
- Information that we obtain or learn, such as information about the browser or device you use to access this site, how you use this site and the pages you visit, traffic and location data
- We may also ask you for information if you experience problems when using this site. We may also ask you to complete surveys for research purposes, although you don’t have to respond to these.
- If we have an existing relationship with you, and we are able to identify you from information obtained or provided by your use of the site, we may associate those sets of information, for example, to enable us to respond to a query you have submitted.
- Please note that this website is not designed or intended for children and we do not knowingly collect data relating to children.
How we use your information
We’ll only use your information where we have your consent or we have another lawful reason for using it. Unless we say otherwise below, we’ll use your personal information on the basis that it’s within our legitimate interests in operating and maintaining the site, and providing you with site functionality and related services.
We use the information provided or obtained via this site to:
- Respond to your queries and reports (for example, if you’ve asked a question or submitted a report via the site)
- Provide you with information, products or services you have requested or which we think may interest you unless you tell us otherwise
- Carry out our obligations from any contracts entered into between you and us
- Allow you to participate in any interactive features of the site
- Notify you about changes to the site
- Provide you with alerts or updates where you’ve consented to receive these by registering on the site. You can opt out of these at any time by clicking the “unsubscribe” link at the bottom of each email we send you.
- Ensure site content is presented in the most effective manner for the device you’re accessing it from (e.g. your mobile phone, personal computer or other electronic devices)
- Undertake data analytics to learn more about how you and others interact with this site and with our advertising
- Detect and prevent misuse or abuse of this site or our services
We also use the information to meet our compliance obligations, to comply with applicable laws and regulations and to share with regulators and other authorities that EQIBank companies are subject to. This may include using it to help detect or prevent crime (including terrorism financing, money laundering and other financial crimes). We’ll only do this on the basis that it’s needed to comply with a legal obligation, it’s in our legitimate interests and that of others or to prevent or detect unlawful acts.
Who we’ll share your information with
We may share your information in order to provide you with products or services you’ve requested (for example, if they’re not provided by the EQIBank entity operating this site), if we have a legitimate interest in doing so (e.g. to manage risk, verify your identity, to combat fraud, abuse of our site or services), or where you’ve agreed to us doing so.
We may share your information with others including other EQIBank group companies and (where legitimate and necessary) any of our service providers, anyone else whose products and services you’ve requested, anyone who were under an obligation to disclose information to or where it’s in the public interest, for example, to prevent or detect fraud, abuse of our site or services).
We may collect information about your computer (or mobile device), including where available your IP address, operating system and browser type, for system administration or for our own commercial purposes. This is statistical data about our users’ browsing actions and patterns, and does not identify any individual.
How long we’ll keep your information
We keep your information in line with our data retention policy. For example, we’ll normally keep correspondence for a period of six months. This enables us to comply with legal and regulatory requirements or use it where we need to for our legitimate purposes such as dealing with any enquiries.
We may need to retain your information for a longer period where we need the information to comply with regulatory or legal requirements or where we may need it for our legitimate purposes, e.g. to help us respond to queries or complaints, fighting fraud and financial crime, responding to requests from regulators, etc.
If we don’t need to retain information for this period of time, we may destroy, delete or anonymise it more promptly.
Transferring your information overseas
Your information may be transferred to and stored in locations outside the European Economic Area (EEA), including countries that may not have the same level of protection for personal information. When we do this, we’ll ensure it has an appropriate level of protection and that the transfer is lawful.
You can obtain more details about the protection given to your information by contacting us at any time.
You have a number of rights in relation to the information that we hold about you. These rights include:
- the right to access the information we hold about you and to obtain information about how we process it;
- in some circumstances, the right to withdraw your consent to our processing of your information, which you can do at any time. We may continue to process your information if we have another legitimate reason for doing so;
- in some circumstances, the right to receive the certain information you have provided to us in an electronic format and/or request that we transmit it to a third party;
- the right to request that we rectify your information if it’s inaccurate or incomplete;
- in some circumstances, the right to request that we erase your information. We may continue to retain your information if we’re entitled or required to retain it;
- the right to object to, and to request that we restrict, our processing of your information in some circumstances. Again, there may be situations where you object to or ask us to restrict, our processing of your information but we’re entitled to continue processing your information and/or to refuse that request.
You can exercise your rights by contacting us using the details set out in the ‘More details about your information’ section below.
You have also the right to complain to the data protection regulator in your local jurisdiction. In addition, if you are dissatisfied with the decision you may have a right of appeal to the courts.
How we keep your information secure
We use a range of measures to keep your information safe and secure which may include encryption and other forms of security. We require our staff and any third parties who carry out any work on our behalf to comply with appropriate compliance standards including obligations to protect any information and applying appropriate measures for the use and transfer of information.
More details about your information
If you’d like further information on anything we’ve said in this Privacy Notice, or to contact our Data Protection Officer, contact us at email@example.com
Last updated: 13 September 2018
Information on data protection
Within the framework of its business activity, EQIBank uses, amongst other things, IT-based procedures and applications, in the context of which data is collected, processed and used.
For EQIBank it is essential to protect any data entrusted to us and to ensure confidentiality of such data. In this context, we ensure, internal data protection guidelines and additional relevant rules on data protection are complied with. Our employees are aware of the importance of data protection. We ensure consistent compliance with data protection provisions, including by means of special training on data protection.
Why is EQIBank collecting personal data?
We collect, process and use personal data to be able to offer you even better products and services and to bring our business processes even more in line with our customers’ needs. We restrict the collection, processing and use of data to a minimum in this respect to be able to continue to offer our customers outstanding products and services.
How is EQIBank collecting data and how long is such data stored?
We do not collect, use or process personal data without an appropriate legal basis or without your express consent, which may also be given electronically. Consent which has been given may be revoked at any time with effect for the future.
Personal data provided to use via our website will only be stored until the purpose for which they were provided to us, has been fulfilled. Should you no longer agree to your personal data being stored or should it become incorrect, we will delete or block your data or make the necessary corrections if you instruct us to do so (provided that this is possible under applicable law).
How is data stored, protected and evaluated?
We secure and protect any data received from you according to strict security and confidentiality standards. We restrict the collection and use of customer data to the required minimum and only allow authorised staff who have been trained to deal with customer data, to access customer data.
Customer data will only be disclosed to external companies if we have notified the customer of the disclosure in advance and have obtained his/her consent, or if we are legally obliged to disclose such data. We basically remain responsible for the confidential treatment of our customer data.
Our transactions are carried out in such a manner that our obligations can be fulfilled in all the countries in which we operate. Should banking secrecy or data protection requirements require us to fulfill higher standards, we will of course take this into account.
FATCA & CRS
International Client Tax Reporting
In recent years many countries, including most offshore jurisdictions, have signed treaties and implemented agreements in order to assist each other with their common pursuit of global tax transparency. As these agreements are implemented, EQIBank is obliged to collect additional information from its clients in order to confirm tax residency details for its account holders. Based on tax residency and or US citizenship, EQIBank has a legal obligation to report customers financial account information to the relevant local, regional or extra-regional tax authority.
EQIBank is required to collect information and documentation from individual and entity customers to establish their tax residency. For most individual clients this is usually the jurisdiction where they reside and pay taxes. US Citizens, however, are also treated as US residents for tax purposes, regardless of their country of residence. If you are unsure about your tax residency or US Status, you should seek advice from a professional tax adviser or the relevant tax authority. EQIBank does not provide tax advice.
Foreign Account Tax Compliance Act (FATCA)
FATCA was enacted in 2010 by the US Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. In most Caribbean jurisdictions, FATCA is implemented locally through an Intergovernmental Agreement (IGA).
Who are US Persons under FACTA
Notice 2011-34 lists six indicia of U.S. status:
- U.S. citizenship or lawful permanent resident (green card) status;
- A U.S. birthplace;
- A U.S. residence address or a U.S. correspondence address (including a U.S. P.O. box);
- Standing instructions to transfer funds to an account maintained in the United States, or directions regularly received from a U.S. address;
- An “in care of” address or a “hold mail” address that is the sole address with respect to the client; or
- A power of attorney or signatory authority granted to a person with a U.S. address
Due to character of FATCA, it is going to impact all financial and non-financial operating companies receiving any U.S. source income, including dividends, royalties, interest etc. Pursuant to FATCA all financial institutions which keep U.S. person’s accounts are obliged to obtain some of the documents below (subject to US indicia type):
- W-9 or W-8BEN forms
- Non-U.S. passport or similar documentation establishing foreign citizenship (in case of U.S. birth)
- Written explanation regarding U.S. citizenship (in case of U.S. birth)
- Document establishing non-US status
Common Reporting Standard (CRS)
The Organization for Economic Cooperation and Development (OECD) developed the Common Reporting Standard (CRS) in response to the G20 request for jurisdictions to obtain information from financial institutions and to automatically exchange that information with other jurisdictions on an annual basis. The CRS, based on FATCA, is being adopted by a large and growing number of countries including most Caribbean jurisdictions. It requires EQIBank to collect information from individuals and entities to establish their tax residency. Depending on the account holder’s tax residency, the bank may also be required to report financial account details to the relevant tax authorities.
EQIBank is chartered under the Offshore Banking Act No. 8 of 1996 of Dominica, which allows international business with non-resident personal and corporate clientele.
EQIBank accounts are not subject to local taxes or exchange restrictions and funds in foreign currencies are transferred freely with no conversion to East Caribbean Dollar required.
The Financial Service Unit (FSU) of Dominica monitors and regulates EQIBanks’s business. Strict adherence to capital adequacy and liquidity levels are required, ensuring compliance with internationally accepted best practices in global banking.