ZODIAQ, the First Crypto-Fiat Bank, Has Joined FATCA and SWIFT

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We are pleased to announce that ZODIAQ bank has become compliant with FATCA and has obtained a GIIN. This information is available via the IRS website found here.

Previously, in January 2018, the bank joined SWIFT (BIC value: CRYTKMK1), and the code is available on their website beginning since March 2018.

FATCA (Foreign Account Tax Compliance Act) is a US law that requires that foreign financial institutions (FFI) to report on the foreign assets held by their U.S. account holders to the IRS (Internal Revenue Service). This law seeks to enhance monitoring of assets and currency movements with a view to prevent money laundering and tax evasion by US taxpayers.

Upon registration and approval, each FFI is assigned a GIIN (Global Intermediary Identification Numbers). From then onward, such institution can provide services legally to US citizens and businesses. As for ZODIAQ, now it can open accounts and carry out all kinds of banking transactions in fiat and cryptocurrencies.

Connection to SWIFT is another important step toward the integration of ZODIAQ bank to the international banking industry. SWIFT (Society for Worldwide Interbank Financial Telecommunication) operated a network enabling its members to send and receive information about financial transactions. This network links more than 12 000 institutions and major corporations in 215 countries.

SWIFT carries over half a million financial messages daily with a total amount of transactions estimating at several billion dollars.

This doesn’t limit to bank-to-bank transfers and payments, but also includes securities, traveller’s cheques, and other financial instruments.

Erik Shekhmametev, COO of ZODIAQ, said, “This is the first case of a bank licensed for cryptocurrency operations to join FATCA and SWIFT. This fact proves legal compliance of our project and also indicates recognition by the international banking community.”

At the moment, we open early access to apply to open an account in ZODIAQ banking system. To do this, fill out the form using the link.

This information is publicly available via the IRS website.


FATCA apps.irs.gov/app/fatcaFfiList/flu.jsf

ZODIAQ’s GIIN is TVFQ2C.99999.SL.174 (Crypto Bank Limited).