[banks] How CRS reports get ajusted when I change my address or phone numbers?

[Waldo Roni]

Let's say, a year ago I opened a bank account with a sim-card of country A, and this year I want to change my number to a siim-card of country B. Both countries may have nothing to do with my citizenship or residency, it just happens that I use sim-cards or virtual numbers of those countries because they're convenient, but I don't live there.

How will a bank ajust its CRS reports about me after I request to update my phone number? Will it stop reporting to country A?

In general, is it better to buy a local sim-card for the purpose of opening an account only, in order to avoid bringing up more countries, as indicia, that a bank may want to report to?

And the same question for changing my country/address. Not country of citizenship/passport, but a country with "current address". In some banks one can update the "current address" without having to provide a proof such a utility bill. And even a proof isn't a big problem because I could buy it from someone.

All in all, will a bank stop reporting to the countries of a) previous phone number b) previous address?

 

[Gediminas]

How will a bank ajust its CRS reports about me after I request to update my phone number? Will it stop reporting to country A?

Phone numbers have nothing to do with CRS reporting. Your residential address does.

 

[Waldo Roni]

Not true.

Phone numbers have to do with CRS reports.

 

[Gediminas]

Not true.

Phone numbers have to do with CRS reports.

The only thing it does for CRS is that you have to enter your phone number into the file. So even if CRS reports to country A, you can use numbers from Country X Y Z. That's what I meant.

 

[Waldo Roni]

A phone of country is a pointer to a bank that I might be tied to a said country. Therefore, why not report me there too?

What does "even CRS reports to country A, you can use numbers..." --> you've missed a word? it's grammatically incorrect and makes no sense.

It's not about what I number *can use*. As if CRS reports would make phone number of country A unusable.

Re-read my question please.

 

[Gediminas]

@Waldo Roni, you come here to ask a question, I gave you the answer (because I know this answer). If you think you know better, why are you asking?

A phone of country is a pointer to a bank that I might be tied to a said country. Therefore, why not report me there too?

This just does not have any logic. They can not report to a phone number. I would suggest you read a little more about how actually CRS works.

P.S. yes, the phone number from a different country might trigger the compliance, they will most likely ask for the proof of residence, but in any case, they will report to a country where your tax residency actually is, not to a country of a phone number.

 

[Waldo Roni]

I should read or rather you should read?

Funnily enough I received an auto-generated message from a bank that for the last year they will be reporting me to four countries - two countries because I used a phone number from those two countries, one country because I used an address in that country, plus as a bonus to the USA (even though I'm not a citizen, resident or anything else there). They will not be reporting me to my country of citizenship for some reason...