1. What is the CRS?
The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries/jurisdictions, to help fight against tax evasion and protect the integrity of tax systems.
2. Who is reportable?
The CRS seeks to establish the tax residency of customers. Under the CRS, financial institutions are required to identify customers who appear to be tax resident outside of the country/jurisdiction where they hold their accounts and report certain information to our local tax authority. They may then share that information with the tax authority where you are tax resident.
3. Why are you asking me for my jurisdiction(s) of tax residency?
Yes, a customer can earn returns on NIB deposits depending on the underlying contract applied for the deposits in the bank. Popular opinion allows the use of Under the CRS, tax authorities require financial institutions such as SUNTRUST BANK to collect and report certain information relating to their customers’ tax statuses.
If you open a new bank account, invest in new financial products or change your circumstances in some way, we will ask you to certify a number of details about yourself. This process is called “self-certification” and we are required to collect this information under the CRS.
4. Are all Banks doing this?
All financial institutions – that includes banks, insurers and asset management businesses – in participating countries/jurisdictions are required to be compliant with the CRS.
5. What information are you asking customers to provide and verify?
In line with the CRS requirements, we will be asking you for your:
• Name
• Address
• Place of birth* (for Individual and Controlling Persons)
• Date of birth*(for Individual and Controlling Persons)
• Country(ies) and jurisdiction(s) of tax residence
• Taxpayer identification number(s)*
• Place of registration/incorporation (for Entities)
• Entity Type (for Entities)
• Controlling Person Type for certain Entity Types (for Controlling Persons)
6. Why is SUNTRUST BANK providing tax authorities with my tax details?
SunTrust Bank is required to report your tax details under the legal obligations introduced by countries/jurisdictions participating in the CRS.
7. I live in the same country/jurisdiction as I pay tax so why do i need to give you these details?
Under the CRS, we are legally required to establish the tax residency status of all our customers, even if you are tax resident in the same country/jurisdiction as where you hold your account. However, typically your details will not be reportable to the tax authorities for CRS purposes.
8. What information will be reported to tax authorities?
The information reported to tax authorities will have been provided in the self-certification form, and details about the accounts and products you have with us.
9. Which countries/jurisdictions are participating in the CRS?
For a list of countries/jurisdictions participating in the CRS, alongside the dates that they will start exchanging information, please see the OECD CRS portal.