Bank Compliance

Whether you are already having an international bank account or planning to apply for a new one, the process of bank compliance today requires to know and understand several bank regulations, which are implemented nowadays in EU banking sector and world wide. To name one of them, Common Reporting Standards (CRS) require from the banks not only to collect the personal or corporate data, but also data related to client’s  sources of income during the reporting period. Therefore, bank forms comprised of the multiple pages, filled with specific tax terminology, which requires certain tax knowledge from the client to fill the form correctly, and, consequently, get the bank account. 

Nevertheless, after the bank account is open, you will need to update the bank forms regularly. Once you are engaged in the international securities investments or in case your tax residency is changed, you will be asked to fill the respective forms. It is the responsibility of the customer to inform the bank about any relevant changes. Non – compliance with such regulations will lead to the closure of the bank account, which is highly inconvenient and unnecessary. Some of the bank forms question the client with knowledge of the tax treaties between two states to avoid double taxation, which leads to the substantial time and costs consumption in order to find the right answer.

Therefore, bank compliance is one of the many vital matters related to the ability of the corporate client or individual to conduct their international activities.

We provide assistance with filing the bank compliance forms and participate in the negotiations with the banks related to the tax matters of our clients.