Governments all over the world are working together to ensure people pay tax correctly. This means that by law, banks are required to collect and report information about our customers' tax residency status. Here's how we do it.
Foreign tax regulations
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Foreign Account Tax Compliance Act (FATCA)
This is a piece of legislation from the United States Department of Treasury and the United States Internal Revenue Service (IRS) to stop tax evasion in the US.
Common Reporting Standard (CRS)
CRS requires financial institutions to gather and report information in the same way as each other, this helps fight against tax evasion and protect the integrity of tax systems.