Common Reporting Standard and Gemeinsamer Meldestandard-Gesetz
Common Reporting Standard (CRS) and Gemeinsamer Meldestandard-Gesetz (GMSG)
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).
Due diligence of Austrian financial institutions
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 according to GMSG
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:
- 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).
Duty of customers to provide information
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.
U.S. Patriot Act Certification
Pursuant to the USA PATRIOT Act and final rules issued by the U.S. Department of the Treasury, a U.S. bank or a U.S. broker-dealer in securities (a “Covered Financial Institution”) is required to obtain certain information from any "Foreign Bank" that maintains a correspondent account with it. As permitted by the final rules, DenizBank AG has prepared a Global Certification for use by any financial institution that believes it requires a Patriot Act Certification from DenizBank AG. Please use this Certification instead of asking us to complete a separate Certification form.
Foreign Account Tax Compliance Act (FATCA)
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 FATCA agreement, they face the Committee 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 FATCA agreement.
Deniz Bank AG has registered as a "Reporting Financial Institutions under a model 2 IGA" on the U.S. IRS page and got the following GIIN number: NT6NQT.00020.ME.040
General information about FATCA and the Agreement between the Republic of Austria and the United States of America in English and German you can find following the links:
The Wolfsberg Group AML Questionnaire
Disclosure Statement Basel III & CRR
§ 65a BWG (Austrian Banking Act) – Provisions
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.
§ 65 Securities Supervision Act (WAG) – Publications
Listing of transactions in accordance with post-trade transparency pursuant to § 65 WAG 2007 and Art. 27 of the Commission Regulation (EC) No 1287/2006
CBCR - Country by Country Reporting
List in accordance with Article 89 of the EU Capital Requirements Directive IV
Key Information Documents for Packaged Retail and Insurance-Based Investment Products
Top-5-Execution Venues according to Art 62 (2) SSA 2018
- Top-5-Execution Venues 2020 (German)
- Top-5-Execution Venues 2019 (German)
- Top-5-Execution Venues 2018 (German)