Common Reporting Standard
CRS (Common Reporting Standard) is an international standard for the automatic exchange of financial account information between tax authorities in participating countries. CRS 2.0 refers to our updated account opening and tax information process, designed to comply with the OECD Common Reporting Standard (CRS). In practice, CRS 2.0 means we must collect and verify certain tax-related information from you when you open or maintain an account with us.
Why are you asking for my tax information?
We are legally required under CRS to:
- Identify the country or countries where you are tax resident, and
- Report certain account information to our local tax authority, who may share it with the tax authorities in other CRS-participating countries.
This is about tax transparency. It does not mean you’ve done anything wrong, and it is not a choice for the bank/firm or for you if you want to open an account with us.
Who is affected by CRS 2.0?
CRS applies to most customers, including:
- Individuals (e.g. personal accounts)
- Entities (e.g. companies, partnerships, foundations, trusts)
- Controlling persons of certain entities (e.g. beneficial owners of passive entities)
If you open a new account or update an existing one, we may need CRS information from you.
What information will you ask me for?
For individual customers, we typically need:
- Full name
- Date and place of birth
- Current residential address
- Country or countries of tax residence
- Tax Identification Number (TIN) for each relevant country (where issued)
For non-individual customers (e.g. companies, trusts), we typically need:
- Legal name and registered address
- Country or countries of tax residence for the entity
- TIN(s) for the entity
- Details of controlling persons (e.g. beneficial owners), including their:
- Name, date of birth, address
- Country or countries of tax residence
- TIN(s) where applicable
We collect this through a self-certification form, which you must complete, sign, and keep up to date.
What should I do if my circumstances change?
If any of the following changes, you must notify us as soon as possible and may need to provide a new self-certification:
- Your residential or mailing address
- Your country or countries of tax residence
- Your TIN(s)
- Your name or legal status (e.g. due to marriage, incorporation, restructuring)
- For entities: changes to controlling persons (e.g. new beneficial owners)
Keeping your details up to date helps us comply with CRS and avoid incorrect reporting.
Frequently asked questions
What is a Tax Identification Number (TIN)?
A TIN is a unique identifier used by tax authorities to associate you with your tax records.
Examples include:
- National Insurance / Social Security numbers in some countries
- Tax reference numbers or personal tax numbers in others
If your tax residence country issues TINs, you are usually required to provide it.
What if I don't have a TIN?
If your country of tax residence does not issue TINs, or you are unable to obtain one, you must:
- Explain the reason in the self-certification form (e.g. “TIN not issued in this country”), or
- Provide other documentation, if requested, consistent with local rules.
We may not be able to open or maintain your account if we are not satisfied with the explanation or if the law requires us to have a TIN.
How do I know my country of tax residence?
Your tax residence is determined by the tax laws of each country, not by the bank.
Common factors include:
- Where you live most of the time
- Where you work or run a business
- Where you are registered for tax
- Where your main home or centre of vital interests is
If you are unsure of your tax residence, you should seek advice from a professional tax advisor or consult the website/guidance of your local tax authority. We are not allowed to give tax advice.
How do I know my country of tax residence?
Your tax residence is determined by the tax laws of each country, not by the bank.
Common factors include:
- Where you live most of the time
- Where you work or run a business
- Where you are registered for tax
- Where your main home or centre of vital interests is
If you are unsure of your tax residence, you should seek advice from a professional tax advisor or consult the website/guidance of your local tax authority. We are not allowed to give tax advice.
What happens if I don’t provide the requested CRS information?
If you do not provide a valid self-certification or other required information:
- We may not be able to open your account, or
- We may have to place restrictions on the account, or
- In some cases, we may be required to close the account.
In addition, we may still be required to treat the account as “reportable” based on the information we have.
How will my information be used?
We use your CRS information to:
- Identify whether your account is reportable under CRS; and
- Report certain account information (e.g. balance, income, and similar details) to our local tax authority if required.
Our local tax authority may then share this information with other tax authorities in countries where you are tax resident, under official international agreements.
We will not use CRS information for marketing purposes.
What information might be reported?
If your account is reportable, we may need to report:
- Your name, address, date of birth
- Your TIN(s) and country/countries of tax residence
- Your account number(s)
- The name and identifying number of our institution
- Your account balance or value at year-end
- Certain income or proceeds (e.g. interest, dividends, gross proceeds from sale/redemption of investments), depending on local rules
The exact data reported can vary by jurisdiction and product.
Does CRS affect my tax liabilities?
CRS is a reporting and information-sharing requirement.
It does not change how you are taxed, how much tax you owe, or which country’s tax laws apply to you.
It simply ensures that tax authorities receive information about financial accounts held by tax residents in their jurisdiction.
For questions about your tax obligations, please contact a tax advisor or your tax authority.
Is my information protected?
Yes. We are required to:
- Protect your personal data using appropriate security measures, and
- Only share it with:
- Our local tax authority and
- Other parties where required or permitted by law.
We follow applicable data protection and privacy laws in handling your information.
What is the difference between CRS and FATCA?
- CRS is a global standard developed by the OECD and applies to many participating jurisdictions worldwide.
- FATCA is a US law that focuses on US persons (US citizens, US tax residents, certain entities).
You may need to provide information for both CRS and FATCA if you are linked to the US for tax purposes.
I’ve already provided similar information before. Why do I need to do it again?
Under CRS 2.0, we must:
- Collect self-certification for new accounts, and
- Keep your information accurate and up to date.
If there are changes to your details (e.g. new address, new nationality, change of tax residence), or if our forms and processes have been updated, we may need you to complete a new or updated self-certification.
Can you help me determine my tax residence or how to complete my tax return?
No. While we can explain what information we are required to collect, we cannot provide tax advice or determine your tax residence.
For guidance on:
- Your tax residence status
- Whether and how your account information will affect your tax position
- Completing your tax returns
please contact a qualified tax advisor or your local tax authority.
Who can I contact if I have more questions?
If you have any questions about:
- Completing the CRS self-certification form
- What information we need and why
- How we handle and protect your data
please contact:
- Or speak to your Account Manager
For questions about your personal tax situation, you should contact a tax professional or your tax authority.