P&N Bank is obligated to report information about U.S taxpayers to the Australian Taxation Office (ATO), who will pass this information onto the U.S Internal Revenue Service (IRS). The information reported to the ATO will typically be of a personal nature (e.g. name, address, U.S taxpayer identification number(TIN)) and of a financial nature (e.g. account number, account balance, amounts paid into the account).
If any account meets the relevant FATCA US indicators P&N Bank will attempt to contact them to update their details accordingly. Members who do not provide the requested tax information will be counted as a U.S taxpayer and their details will then be sent to the ATO to be passed onto the IRS.
If you would like more information, please refer to the ATO website.