Identification by CRS

One of the main principles of JSC MB Bank is compliance with all requirements of the legislation of the Russian Federation, as well as requirements and laws that have extraterritorial effect and affect the activities of financial institutions of the Russian Federation.
On May 12, 2016, the Federal Tax Service of Russia, on behalf of the Russian Federation, signed a multilateral «Agreement of competent authorities on the automatic exchange of financial information» and began the international exchange of financial information in 2018. This means that the Russian Federation exchanges information about the accounts of persons who are tax residents of foreign countries, and in exchange receives information about the accounts of tax residents of the Russian Federation opened abroad.
JSC MB Bank does not provide consulting services on determining tax residency in accordance with CRS requirements. It is possible to get acquainted with information on tax residence for different countries on the portal of Organization for Economic Cooperation and Development (OECD) at the address.
In order for the Bank to comply with the CRS requirements, if you meet at least one of the criteria by which you can be classified as a foreign tax resident placed below, you must fill out a self-certification form (Questionnaire) (one or more, if necessary). 

This section contains frequently asked questions and answers

The Common Reporting Standard (CRS) was developed by the OECD (Organization for Economic Cooperation and Development) and aims to prevent global tax evasion using offshore jurisdictions and ensure transparency of tax information. In May 2016, the Russian Federation confirmed its participation in fulfilling the CRS requirements.

CRS in the Russian Federation is implemented through the adoption of Federal Law of 27.11.2017 No. 340-FZ "On Amending Part One of the Tax Code of the Russian Federation in Connection with the Implementation of International Automatic Exchange of Information and Documentation for International Groups of Companies", which supplemented the Tax Code of the Russian Federation by Chapter 20.1, and the approval of Government Decree No. 693 of 16.06.2018 "On the Implementation of International Automatic Exchange of Financial Information with the Competent Authorities of Foreign States (Territories)." According to CRS requirements, financial institutions are required to identify customers, beneficiaries and beneficial owners who may be tax residents outside the country where they opened accounts and use financial products, as well as report some information to local tax authorities. After that, the disclosed information can also be transferred to the tax authorities of the country which tax resident is considered to be the client in question. As a rule, a person who is obliged to pay taxes on income or profit in such a country is considered to be a tax resident of a particular country. If you have any questions regarding the procedure for determining your foreign tax resident status, please contact a professional tax consultant, as the Bank does not provide tax advice. For CRS purposes, financial institutions such as the Bank are required to obtain and disclose certain information about the tax status of their customers.
In case of opening a new bank account, persons entering (having entered) into an agreement with the Bank providing for the provision of financial services are obliged to provide the Bank with information that allows determining tax residency in relation to themselves, beneficiaries and (or) persons who directly or indirectly control them.

This process is called "obtaining customer confirmation" and the Bank is obliged to request such information. According to the requirements of CRS, the Bank is obliged to determine the status of tax resident in relation to all our clients, even if you are a tax resident in the same country where you have an account. However, in this case, the Bank does not report your data to the tax authorities for CRS purposes. You must tell us why you are not assigned to a TIN. For example, some states do not have a procedure for assigning TINs to their tax residents. In this case, you must inform the Bank about it. All financial institutions (including banks, insurance and management companies) in participating countries are required to comply with CRS requirements. According to legal requirements, the Bank is obliged to check the accuracy of the information that you provided by filling out the form. The Bank may ask you to provide documents confirming your tax residency, which you declare in the form. Information provided by you in the form of confirmation, as well as information about your accounts and products with the Bank, including:

• the size of the balance sheet or value;
• the aggregate amount of credited interest or payments.

The list of countries/jurisdictions that have joined the CRS, as well as information on the dates of the start of disclosure of information by these countries/ jurisdiction are available on the OECD portal: OECD CRS portal - CRS by jurisdiction (in English). The Federal Tax Service of Russia has opened on the official website a section dedicated to the international automatic exchange of information, where up-to-date information, draft documents under development are published: https://340fzreport.nalog.ru/
You can also find more information on the OECD automatic information exchange portal: OECD CRS portal (in English). Pursuant to Article 142.4 of the Tax Code of the Russian Federation, the Bank may:

• in case of failure to provide information when concluding an agreement - refuse to conclude a bank account/deposit agreement;
• if the information is not provided at the request of the Bank - refuse to perform the operation or terminate the agreement unilaterally;
• if false information is revealed - refuse to perform the operation, refuse to conclude an agreement or terminate the agreement unilaterally.