Under the International Government Agreements, concluded by all EU Member States and the US Foreign Account Tax Compliance Act ("FATCA Law"), adopted to implement an agreement between the United States ("U.S.") and the EU Member States governments on international tax compliance and an EU Directive on mandatory automatic exchange of information in the field of taxation (2014/107/EU), adopted to implement the OECD common reporting standard ("CRS Law"), we and the Financial Institutions, providing the financial accounts and payment services under the Legal Agreement for myPOS Service, as a data controllers, inform you that the following data will be collected and may be exchanged or otherwise processed for the purposes of the aforementioned laws (assuming they apply) and in accordance with them:
- Your name;
- Your address;
- Your country (or countries) of (deemed) tax residence;
- Your Tax Identification Number(s) issued by your country or countries of tax residence, and, where applicable, your U.S. Tax Identification Number (U.S. TIN);
- Your place and date of birth;
- Your account number (or substitute account number, identifying your funds held);
- Your account balance or value as at 31 December of any year during which the account is held;
If you qualify as a specified U.S. person under FATCA Law and/or as a reportable person under CRS Law and assuming the FATCA Law and CRS Law impose obligations on the Financial Institutions (in either case, as a "Reportable Account Holder"), this information will be automatically exchanged by the respective Financial Institution, as a reporting financial institution under these laws, with the local tax authorities in the home member state of the respective Financial Institution. The latter will exchange this information with the U.S. Internal Revenue Service if FATCA Law applies and/or, if CRS Law applies, with the competent authority or authorities of your respective country or countries of tax residence that are participating jurisdictions under CRS Law.
The information listed above will be exchanged with the local tax authorities in the home member state of the respective Financial Institution for any calendar year during which you are or become a Reportable Account Holder (at the latest on 30 June of the subsequent calendar year). Such data will consequently continue to be processed by us and the Financial Institution designated in your Legal Agreement for myPOS Service until it is no longer necessary for the purposes for which they were processed. The first reporting is scheduled for April 2017 for the accounts balances as of 31st of December 2016.
Under FATCA and CRS Laws, you are obliged to provide any additional information that might be required from time to time by the Financial Institutions to apply these laws. Failure to do so in time may give rise to a reporting by the respective Financial Institution of your information to the local tax authorities which will in turn exchange this information with the authorities mentioned above. You have the right to access the information that is exchanged with the local tax authorities and, as the case may be, a right to rectify this information. To exercise these rights, you should proceed in accordance with the Legal Agreement for myPOS Service.
References to the FATCA Law and CRS Law include references to any rules based on common-reporting standards agreements that may be applicable under the applicable law as well as any legislation that may amend or replace these rules, laws and agreements.