Common Reporting Standard (CRS)

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What is CRS?

The Common Reporting Standard (CRS) is a centrally agreed, global standard for the automatic exchange of financial account information. CRS was created by the Organisation for Economic Cooperation and Development (OECD). Based on the learnings from the implementation of the FATCA legislation, it came into effect in a phased implementation on 1 January 2016.

What is the objective of CRS?

CRS has been designed to increase transparency about tax matters on a global scale. It requires financial institutions (FIs) to identify accounts held directly or indirectly by persons who are not tax residents in the country where their account is opened.

If the FI is in a CRS Participating Jurisdiction, and the person opening the account is tax resident in another CRS participating jurisdiction, then the FI will report the account details to their local tax authority.

For example: A tax resident of the Netherlands (NL) opens a bank account with an FI in Switzerland (CH). Both NL and CH participate in the CRS. The FI will therefore report the account details to the tax authorities in CH, who will direct them to the tax authorities of NL.

Who are reportable persons for CRS?

Reportable persons for CRS are those who are tax resident in a location that is different to the ING location where they are opening an account.

Tax residency is dependent on things such as where a customer lives or spends their time, and on any economic ties that the customer may have.

By law, ING is unable to offer customers any advice on how to determine their tax residence. Check out OECD’s page for more information on country-specific guidance.

If customers are unsure about any information when determining their tax residence, ING advises to speak to a tax advisor.

Who is impacted?

CRS directly impacts FIs such as ING, as well as customers who hold accounts with us.

ING - Our policy is to be fully compliant with CRS in all locations in which ING operates.

  • Customer identification: ING must confirm a customer’s CRS classification which in turn will determine how their accounts are treated for reporting.
  • Reporting: ING is required to annually report the financial accounts held directly or indirectly by reportable customers. ING may also need to report accounts held by customers who do not provide any required information to ING for recording a classification or reporting.

Customers who want to open an account or Do Business With ING

Customers need to provide a self-certificate when opening an account or entering into any business agreements with ING. This document will provide all data needed by ING should anyone associated to the account be deemed reportable based on tax residency and classification. ING can only open accounts when a valid self-certificate is provided.

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