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 Germany in the so-called Finanzkonten-Informationsaustauschgesetz (FkAustG).
German 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 German 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.
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 / FkAustG, 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 authority.
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 Germany 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 German 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.
Deniz Bank AG is registered as a "Reporting Financial Institutions under model 1 IGA" on the U.S. IRS page with the following GIIN number: JPCJ0H.00011.BR.276
You can find general information about FATCA and the Agreement between the Republic of Germany 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.
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
List in accordance with Article 89 of the EU Capital Requirements Directive IV
