Bank Details
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CRS Compliance
CRS Compliance
Bank Details
Other information
Common Reporting Standard (CRS) is an automated financial account data exchange standard developed by the Organisation for Economic Co-operation and Development.
CRS is an international analog of FATCA aimed at improving taxation transparency and preventing global tax avoidance.
In May 2016, Russia confirmed its engagement in CRS compliance. Per Federal Law of Russia No. 340-FZ dd. November 27, 2017 "On amendments to Part 1 of the Tax Code of Russia due to the international automated data and document exchange regarding international groups", persons concluding (or those having concluded) a financial service agreement with the Bank are obliged to provide the Bank with tax residence information regarding themselves, their beneficiaries, and/or persons directly or indirectly controlling thereof.
The Tax Code of Russia contains some provisions according to which Russian banks are obliged to identify the customers, beneficiaries, and/or persons directly or indirectly controlling thereof, who are tax residents of foreign countries (jurisdictions), and provide information on them and their accounts to the Federal Tax Service of Russia.
In compliance with the Tax Code of Russia, customers are obliged to provide tax residence information regarding the aforementioned persons, as required by the Bank.
If the customer fails to provide the aforementioned information when concluding a financial service agreement with the Bank, the Bank shall be entitled to:
CRS is an international analog of FATCA aimed at improving taxation transparency and preventing global tax avoidance.
In May 2016, Russia confirmed its engagement in CRS compliance. Per Federal Law of Russia No. 340-FZ dd. November 27, 2017 "On amendments to Part 1 of the Tax Code of Russia due to the international automated data and document exchange regarding international groups", persons concluding (or those having concluded) a financial service agreement with the Bank are obliged to provide the Bank with tax residence information regarding themselves, their beneficiaries, and/or persons directly or indirectly controlling thereof.
The Tax Code of Russia contains some provisions according to which Russian banks are obliged to identify the customers, beneficiaries, and/or persons directly or indirectly controlling thereof, who are tax residents of foreign countries (jurisdictions), and provide information on them and their accounts to the Federal Tax Service of Russia.
In compliance with the Tax Code of Russia, customers are obliged to provide tax residence information regarding the aforementioned persons, as required by the Bank.
If the customer fails to provide the aforementioned information when concluding a financial service agreement with the Bank, the Bank shall be entitled to:
—
decline such an agreement
—
refuse to execute transactions on behalf or by order of the customer under the financial service agreement
—
unilaterally terminate the financial service agreement having notified the customer of such an event no later than in one business day following the day of making such a decision
The Bank is entitled to unilaterally terminate the financial service agreement concluded with the Customer if the Bank—when taking measures as prescribed in Clause 1 of Article 142.4 of Chapter 20.1 of the Tax Code of Russia—identifies unreliability or incompleteness of information provided by the customer or finds a conflict between information provided by the customer and information available to the Bank (including information from public sources).
For compliance with Russian law, Bank 131 LLC shall find out whether the customer, their beneficiary, and/or persons directly or indirectly controlling thereof, are a tax resident (with specification of the country of tax residence). Bank 131 LLC can identify the status of a tax resident based on information available to Bank 131 LLC. But, the Bank is entitled to require the customer to fill and provide the appropriate tax residence confirmation Forms.
Bank 131 LLC does not consult on tax residence identification per CRS requirements. To find information on this matter, you can read tax residence information on the website of the Organisation for Economic Co-operation and Development:
http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760
To confirm the tax residence, the Bank's employee is entitled to ask specification questions and ask the customer to fill out the Self-Certification form:
For compliance with Russian law, Bank 131 LLC shall find out whether the customer, their beneficiary, and/or persons directly or indirectly controlling thereof, are a tax resident (with specification of the country of tax residence). Bank 131 LLC can identify the status of a tax resident based on information available to Bank 131 LLC. But, the Bank is entitled to require the customer to fill and provide the appropriate tax residence confirmation Forms.
Bank 131 LLC does not consult on tax residence identification per CRS requirements. To find information on this matter, you can read tax residence information on the website of the Organisation for Economic Co-operation and Development:
http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760
To confirm the tax residence, the Bank's employee is entitled to ask specification questions and ask the customer to fill out the Self-Certification form:
Supplementary Information
TIN: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers
Tax residence in foreign countries: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760
Countries providing investment residence: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/residence-citizenship-by-investment/
The Tax Service of Russia opened a section of the corporate website, devoted to the international automated information exchange, where documents and frequently asked questions are published: https://340fzreport.nalog.ru/
Tax residence in foreign countries: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/#d.en.347760
Countries providing investment residence: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/residence-citizenship-by-investment/
The Tax Service of Russia opened a section of the corporate website, devoted to the international automated information exchange, where documents and frequently asked questions are published: https://340fzreport.nalog.ru/