Compliance and Prevention Policies

It is the global standard for the automatic exchange of financial account information. The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) at the request of the G20.

The purpose of the Common Reporting Standard (CRS) is the collection of information and reporting by financial institutions registered in participating countries/jurisdictions, with the aim of helping to combat tax evasion and protect the integrity of tax systems.

Individuals or legal entities who are tax residents in a participating jurisdiction under such jurisdiction’s tax laws (1). This includes individuals identified as having control non-financial entities registered abroad.

Information shared, during a specific reporting period, between a reporting jurisdiction and another jurisdiction will include:

For individual clients:

• Name, address, jurisdiction of residence, identification card number, date and place of birth of each account holder identified as a reportable person.
• Account number.
• Account balance or value (or account closure if the account was closed during the year).

For legal entity clients:

• For controlling persons identified as reportable: the entity's name, address, date of registration, and taxpayer identification number, and the name, address, identification number, and date and place of birth of each reportable person
• Account number.
• Account balance or value (or account closure if the account was closed during the year).

For custodial accounts:

• Account balance or value.
• Total gross interest amount.
• Total gross dividend amount.
• The total other income generated with respect to the assets held in the account in each case paid or credited to the account.
• The total gross proceeds from the sale or redemption of Financial Assets paid or credited to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Financial Institution acted as custodian, broker, representative, or otherwise as an agent of the Account Holder.

For deposit accounts:

• The total gross amount of interest paid or credited to the account during the calendar year or other appropriate reporting period.

The Foreign Account Tax Compliance Act (FATCA) is a U.S. law that requires the identification and reporting of information regarding certain financial accounts held outside the United States by persons identified as U.S. Persons. FATCA is based on citizenship.

The CRS is an international standard for the automatic exchange of information on financial accounts among CRS participating countries. The CRS is based on tax residency.
Please note that a person may be a tax resident in more than one jurisdiction. We recommend consulting your tax advisor regarding the impacts of the CRS or FATCA depending on your tax residency or citizenship, respectively.

Financial institutions cannot provide advice on their clients' tax residency. If you are unsure of your tax residency, you should consult with your tax advisor.

At Inteligo Bank Ltd., we ensure compliance with laws and regulations by applying the highest standards regarding the implementation of controls on fiscal and tax transparency while maintaining our commitment to meeting the needs of each of our clients.

At Inteligo Bank Ltd., we are not a legal or tax advisors; therefore, we encourage our clients, and our prospective clients, to seek independent legal and tax advice regarding legal or tax obligations related to reporting requirements.

For more information, please visit the following link:

Tax transparency and international co-operation | OECD

Jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters (MAAC)