Under the International Government Agreements, concluded by all EU Member States and the US Foreign Account Tax Compliance Act (FATCA Law), adopted to implement an agreement between the United States (U.S.) and the EU Member States on international tax compliance, and an EU Directive on mandatory automatic exchange of information in the field of taxation (2014/107/EU), adopted to implement the OECD Common Reporting Standard (CRS Law), we and the financial institutions providing financial accounts and payment services under the Legal Agreement for myPOS Service, as data controllers, inform you that the following data will be collected and may be exchanged or otherwise processed for the purposes of the aforementioned laws (assuming they apply) and in accordance with them:
- Information Collected:
- Your name
- Your address
- Your country (or countries) of tax residence
- Your Tax Identification Number(s) issued by your country or countries of tax residence, and, where applicable, your U.S. Tax Identification Number (U.S. TIN)
- Your place and date of birth
- Your account number (or substitute account number, identifying your funds held)
- Your account balance or value as of 31 December of any year during which the account is held
Reporting and Exchange:
If you qualify as a specified U.S. person under FATCA Law and/or as a reportable person under CRS Law, this information will be automatically exchanged by the respective financial institution with the local tax authorities in the home member state of the respective financial institution. The local tax authorities will then exchange this information with the U.S. Internal Revenue Service if FATCA Law applies and/or with the competent authorities of your country or countries of tax residence under CRS Law.
Processing Timeline:
The information listed above will be exchanged with the local tax authorities for any calendar year during which you are or become a reportable account holder (at the latest by 30 June of the subsequent calendar year). Such data will continue to be processed by us and the financial institution designated in your Legal Agreement for myPOS Service until it is no longer necessary for the purposes for which it was processed.
Obligations and Rights:
Under FATCA and CRS Laws, you are required to provide any additional information that might be needed by the financial institutions to apply these laws. Failure to do so in a timely manner may result in the reporting of your information to the local tax authorities, which will then exchange this information with the authorities mentioned above. You have the right to access the information that is exchanged with the local tax authorities and, where applicable, the right to rectify this information. To exercise these rights, you should follow the procedures outlined in the Legal Agreement for myPOS Service.
References to the FATCA Law and CRS Law include references to any rules based on common reporting standards agreements that may be applicable under the current law, as well as any legislation that may amend or replace these rules, laws, and agreements.