CRS is the Common Reporting Standard on Automatic Exchange of Information. This is a legal framework created by the Organisation for Economic Co-Operation and Development with close cooperation from the G20 and EU.
CRS requires Alpha Bank London Limited , in common with all UK Banks to report information to HMRC about financial assets held on behalf of taxpayers, from jurisdictions with their tax administration exchanges information. This information is exchanged “automatically” each year.
Therefore when you apply for one of our products we ask you to fully complete the application form. As part of the application, there will be a declaration (known as self- certification) where you will be required to confirm that the information provided is correct and that any changes in your circumstances will be notified to the Bank by you within 30 days.
Alpha Bank London Limited will not open a new account for a new customer who is a US person as defined under the FATCA rules.
Further information on CRS and FATCA can be found at GOV.CO.UK
Alpha Bank London Limited cannot provide any tax advice and is unable to comment on an account holder’s tax position. Any guidance notes produced by the Bank are provided for reference purposes only and do not constitute tax advice. If you require further assistance you should seek professional advice.
Businesses and other types of entities
If you apply for a business account you must fully complete the application, which contains details of all the information and documentation you are required to provide for CRS and FATCA reporting, including the Tax Identification Number and CRS / FATCA Status for your business. As part of an application you will need to declare that the information you have provided is accurate, which acts as a self-certification for the purposes of CRS and FATCA.
You will also need to provide details for each Controlling Person, or Beneficial Owner holding 25% or more of the business, including if they are a US Person*. Please see the HMRC Guidance notes for definitions of these terms. If the required information is not provided we may not be able to proceed with an application for a new account.
Under CRS and FATCA, banks are required to report account information to their local tax authority (HMRC in the UK) where information in their records indicates that the account holder is resident or potentially resident in a Reportable Jurisdiction (such as Cyprus, Greece or the USA).
The regulations require businesses and other entity types to determine their CRS / FATCA Status. Most businesses that are not Financial Institutions are likely to be Passive Non-Financial Entities (NFE) or Active NFE. The terms Passive and Active are explained on GOV.CO.UK. If in doubt you should seek clarification from your financial advisor.
If a business or entity does not provide its CRS / FATCA Status then we may use information in our possession, or information that is publicly available, to determine its CRS / FATCA Status. If you are an account holder and want to check the CRS / FATCA Status we have in our records, or to provide a CRS / FATCA Status if not previously provided, please contact your Relationship Manager.