• OECD Standard for Automatic Exchange of Financial Information for Tax Matter


    Dear Client,

    We are writing to inform you about the OECD Standard for Automatic exchange of information in tax matters, also known as the Common Reporting Standards or CRS. The CRS has been designed by the OECD and G20 countries as a single, global standard to promote tax transparency and effectively tackle cross-border tax evasion.

    The CRS imposes an obligation on all financial institutions, such as banks, to report information on accounts held by foreign account holders to the bank’s local tax authorities on an annual basis. This information will then be automatically exchanged with the tax authorities of the country where the account holder is tax resident, if both respective countries have mutually agreed to exchange information.

    Romania has committed to the CRS, meaning that information on foreign account holders will be exchanged for the 1st time in 2017.

    The Ministry of Finance issued Order No. 1939/2016, which entered into force on 18th of August 2016, setting the obligations of financial institutions to report certain financial information for tax purposes to the National Agency for Fiscal Administration which in turn will send the information to the competent authority of the country where the person is resident for tax purposes. These obligations consist of reporting categories of information identifying taxpayers and their opened and / or closed accounts. It also specifies the compliance rules, norms and administrative procedures by which financial institutions should apply due diligence in order to identify the reportable persons and the process of exchange of those information.

    As you hold a bank account at BLOM Bank France – Romania Branch, the requirement will concern you if you are tax resident in a reportable country and will be contacting you to confirm your tax residency status and collect additional information and this also apply to the controlling persons, owners, or beneficial owner of accounts held by certain entities.

    In this regard, upon account opening or account renewal the bank will be requesting customers to complete the self-certification form in order to collect the required information as to be able to identify the reportable accounts for the purpose of exchange of information for tax purposes with the participating jurisdictions whether on account opening or account renewal.

    Moreover, the requested self-certification must be valid, signed and dated and supported with documentary evidence.

    However, as we are not experts in taxation, we kindly advise to refer to your financial advisor, tax or legal counsel, an expert or specialists that you deem appropriate and to act according to their advice and guidance. Therefore we cannot be held liable towards anyone with respect to the understanding summarized above and to the measures that we might be compelled to take in implementation thereof.

    The present notice should be considered as an integrated part of any agreement governing the relationship between the bank and its customers.

    We thank you for your attention and future cooperation in this respect.

    Yours faithfully

    BLOM Bank France s.a. – Romania Branch

    Anti Money Laundering Policy

  • Protecting your accounts in the event that your bank fails

    Protecting your accounts in the event that your bank fails