The FATCA (Foreign Account Tax Compliance Act) is a United States law applied internationally and affecting banks and financial institutions. Its purpose is to reduce tax evasion by U.S. citizens who hold accounts or financial assets outside the United States.
If you are a U.S. citizen or a Green Card holder, you are required to declare your SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) for tax compliance purposes.
How to declare your SSN/ITIN in Magenta Pay
- From the home screen, select your avatar or profile picture to access your profile
- Select “Account Information”
- Scroll down to the bottom of the page
- Select “SSN/ITIN Declaration”
- Enter your SSN or ITIN in the relevant field
- Tap “Save”
- The process is complete once a successful confirmation message appears