letter from my bank

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chrissiehope
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letter from my bank

Postby chrissiehope » Mon Feb 26, 2018 9:57 pm

This morning I got a letter frim my bank (Unicaja). It is all in what seems to be very formal Spanish, and as far as I can tell, it is about security & privacy, and that they will exchange info with other entities. The only English in it, bizarrely, is "Common Reporting Standard".

Am I right in assuming this is something all EU banks are doing ? I have had a similar type of letter or email from some of my UK banks, & AFAIK I don't need to do anything ?
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wollie
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Re: letter from my bank

Postby wollie » Tue Feb 27, 2018 9:01 am

"Common Reporting Standard".
This was introduced an few years ago and when i read the article some 150 countries had signed up to same.
The idea being is home country will keep records for a period of time, if there is criminal activity the home country can ask for the banking records of the said individual and pass to any country that has signed up to this agreement. The idea being that the money trail of anyone who has become under suspection can have their records looked at,it will also help governments with people who are evading/avoiding tax. We are now almost a cashless society, the only place i use cash these days are in Spain and if i am our=t for a fer cerveza. This seems to be equally driven by banks and governments so we do everything electronically and we just pay the bank fees for doing very little.
The other thing i am aware of is banks ask for update of idinity (passport) home (utility bill) every 2/3 years, one of the banks i use is every two years as i did it just updated two weeks ago. Come to think of it i do not remember when the others asked me for same.

elusive
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Re: letter from my bank

Postby elusive » Tue Feb 27, 2018 9:57 am

Exchange of info law that came in a year or so back? So they can pass info between tax authorites to see if your paying/delcaring where you are tax resident.
Last edited by elusive on Tue Feb 27, 2018 2:51 pm, edited 1 time in total.

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chrissiehope
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Re: letter from my bank

Postby chrissiehope » Tue Feb 27, 2018 2:49 pm

Thanks guys - that's more or less what I thought :-)
Alexandr for President (Squire for PM !)

Outside of a dog, a book is a man's best friend.
Inside of a dog it's too dark to read (Groucho Marx)


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