Banks asking for confirmation of residency details (CRS)

[JustAnotherNomad]

Recently, several of my banks, from different CRS countries have asked me to confirm my country of residency.
I found that a bit strange since I already confirmed the details for one bank a couple of months ago, and the other banks have never asked for that before.

Was that a coincidence? Is it because I have a US IP address?
Have there been any changes in the law, asking all banks to get confirmed details at least every X months, and since they hadn’t asked me since the account opening, they asked me again?
Or is it something else?

Of course none of you can say for sure, but maybe someone can make an educated guess.

 

[Silvio]

Did they ask for just a confirmation or a TAX residency certificate?

 

[JustAnotherNomad]

They only asked for address confirmation.
I haven’t earned any interest or had any other taxable income from accounts with those banks either. I was just surprised because it happened at the same time and I had just confirmed my address with one of the banks a few months ago.

 

[Silvio]

I'd say this is probably nothing to worry about, this is normal for banks to ask for further confirmation of address, CRS.

 

[Gediminas]

I guess this is a coincidence.

Was that a coincidence? Is it because I have a US IP address?

It's a coincidence.

 

[Sols]

Logging in with a US IP address might raise alerts that you are reportable under FATCA (If you aren't already).

 

[JustAnotherNomad]

I guess this is a coincidence.

But why are they asking again when I just confirmed my address a couple months ago?

 

[JustAnotherNomad]

Logging in with a US IP address might raise alerts that you are reportable under FATCA (If you aren't already).

Yes, those were my thoughts as well, that’s why I mentioned the US IP address. But do they really use stuff like that as an indication of where you are resident?

 

[Davis123]

I think you need to read about FATCA regulations. This law only applies to US citizens or green card residents or non resident US citizens or green card holders and applies to foreign banks outside USA not inside USA. US banks don't report or will not report even non resident US citizens or green card holders holding accounts there. US banks will not loose their bread and butter and report under any circumstances (CRS for example ) as their reach inside lobbying groups in US is quite strong plus US govt is the biggest hypocrite in the world demanding everyone but giving nothing to the world. It's the world who is quietly submitting to US's will. So don't worry if you are non US person. They will never submit to CRS. Rest assured. It's too much to loose.

 

[JustAnotherNomad]

These weren’t US banks. They were banks that use CRS.
I know I don’t have anything to worry about, I just found this a weird coincidence.

 

[Gediminas]

But why are they asking again when I just confirmed my address a couple months ago?

It's a normal procedure to ask questions (even about the same information) and ask for new docs. That's how compliance teams work.

 

[Sols]

Yes, those were my thoughts as well, that’s why I mentioned the US IP address. But do they really use stuff like that as an indication of where you are resident?

Yes, they do.

Banks are required to look for US person indicia, which can be interpreted to also include US IPs. By the letter of the law, I think it only mentions phone number and residence/mailing address but it's not a long stretch from there to also scanning for US IPs.

 

[Davis123]

Paranoia can't be helped. Use a n

Yes, they do.

Banks are required to look for US person indicia, which can be interpreted to also include US IPs. By the letter of the law, I think it only mentions phone number and residence/mailing address but it's not a long stretch from there to also scanning for US IPs.

Paranoia can't be helped. You can simply avoid using a non US IP address by getting a VPN to change that while logged in to your bank account but I doubt banks are looking into this as they see your EU passport and your residency info. Maybe they have to keep on reconfirming your residency status from time to time.

 

[JustAnotherNomad]

Maybe they have to keep on reconfirming your residency status from time to time.

Yes, that’s why I wasn’t surprised when that one bank asked if the address information and TIN they had on file for me was still correct. After all, the account has been open for years and they never asked about it.
But I did think it was odd that they suddenly asked again a few months later. When previously they hadn’t asked for years.
But whatever...

 

[Martin Everson]

Of course none of you can say for sure, but maybe someone can make an educated guess.

They are gonna exchange data for CRS on 30th September as they do every year so they are just updating records. Your CRS status should have been determined by banks by 30th June. So seems normal if not a little late in day.

 

[GAC Limited]

Couple of things to keep in mind. First, FACTA and CRS, the workings are almost identical and use for the same purposes. Little known fact, any jurisdiction on the planet that deposit or transfer US Dollars fall under USA compliance issues (technically). In finance, we in the USA use the mantra, "Do as I say not as I do." Tax filings are due in July and banks are going through quarterly and annual audits in the USA. International banks, knowing this info, can simply be making sure their compliance departments are up to speed just in case.