The Organization for Economic Cooperation and Development (OECD) developed a global model based on a uniform
standard, the Common Reporting Standard (CRS), which offers the possibility of exchanging tax information.
Based on this legal foundation, the (currently around 100) participating countries undertake to follow the
guidelines with the aim of preventing tax crimes.
After incorporation into the legal system of the European Union, the CRS was implemented in Austria
in the so-called Gemeinsamer Meldestandard-Gesetz (GMSG).
Austrian financial institutions review their financial accounts, identify reportable
accounts and ultimately report reportable data to the competent tax authority.
Financial institutions must therefore implement appropriate processes to determine, among other
things, the tax residency of their customers. If a customer is tax resident in a participating state, the
financial institution must generally submit a report to the Austrian tax authority. The latter forwards the
information to the country of residence, if necessary.
Reportable data may relate to individuals and legal entities (as well as individuals
controlling these legal entities). The following information, among others, is subject to reporting
requirements:
Name
Address
Country(ies) of residence
Foreign tax identification number(s)
Date/place of birth (for individuals)
Account/deposit account numbers including account balances and values at the end of the
calendar year or closure of the account/deposit account
Other additional information in the case of custody accounts and deposit accounts, such as
capital and other income, etc.
The GMSG exempts certain accounts as well as legal entities (regardless of their tax
residency) from the reporting requirement (see Sections 87, 89 GMSG).
Since 01.10.2016, all customers must provide information on their tax residency (incl.
further information) when opening a new account or securities account.
Under certain circumstances, it is also required for pre-existing accounts to provide disclosure
(meaning customers who already had a business relationship with DenizBank AG before 01.10.2016).
The obligation to provide disclosure applies for all customers (irrespective of their tax
residence).
If you have general questions about your account/deposit account in connection with CRS / GMSG,
please contact a branch employee of DenizBank AG.
If you have individual questions about your tax residency, etc., we recommend consulting with a tax
advisor, attorney, or an advisory office of the tax office.
Pursuant to the U.S. PATRIOT Act (Appropriate Measures to Prevent and Combat Terrorism Act) and the final regulations issued by the U.S. Department of the
Treasury, a U.S. financial institution (or a U.S. broker-dealer) that is regulated by the U.S. federal authorities is required
to obtain certain information from any "foreign financial institution" that maintains a correspondent bank account with the respective U.S. financial institution. As
provided for in the regulations having the force of law, DenizBank AG has prepared a global attestation that may be used by any financial
institution that may require a PATRIOT Act attestation from DenizBank AG. Please use this certificate instead of an individually issued certificate form.
The Agreement between the Republic of Austria and the United States of America on
cooperation for easier implementation of "Foreign Account Tax Compliance Act” (FATCA), is entered into force
on 1st July 2014.
According to this agreement, all domestic financial institutions are required to report certain
persons, account and deposit data from U.S. taxpayers to the U.S. IRS (Internal Revenue Service).
If the respective financial institutions do not comply with the FATCA agreement, they face the exclusion of the American capital market, a 30% penalty tax and the restricted access of Austrian customers to the
U.S. market.
The accounts and deposits of natural and legal persons in which a U.S. person holds at least 25% are
affected by the FATCA agreement.
DenizBank AG is registered as a "Reporting Financial Institutions under a model 2 IGA" on the U.S.
IRS page with the following GIIN number:
NT6NQT.00020.ME.040
You can find general information about FATCA and the Agreement between the
Republic of Austria and the United States of America in English and German at following the links:
Information concerning those measures implemented by DenizBank AG to ensure compliance with
corporate governance provisions, the regulation of remuneration and in relation to the branch office
directory and the key indicators in the annual financial statement.
List in accordance with Article 89 of the EU Capital Requirements Directive IV
