Is information about transfers sent under CRS?

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JustAnotherNomad

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Oct 18, 2019
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#1
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I always thought that banks only include information about account balances at the end of the year in their CRS reports.
But I have read some places that they also include the total amounts that were transferred in and out of the account in the reports? Also accrued interest etc.?
Is that correct? Or is it only for certain countries?
 
#2
JustAnotherNomad said:
I always thought that banks only include information about account balances at the end of the year in their CRS reports.
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It is not so, unfortunately.
JustAnotherNomad said:
But I have read some places that they also include the total amounts that were transferred in and out of the account in the reports? Also accrued interest etc.?
Is that correct?
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Yes, it is correct.
JustAnotherNomad said:
Or is it only for certain countries?
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I am not aware about any exception – but it does not mean that it cannot exist. Under AEOI/CRS mechanism there are bilateral agreements between countries that can say many things.
 
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#3
Bank accounts:
Account balance on 31.12. (or if they want: average balance in a year)
Gross interest

Bank account transactions are not part of AEOI/CRS.
 
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#5
My understanding is that the total amount of transfers that occurred in the account during the year is not exchanged under CRS/AEOI. The total amount of interest/divs, etc. is included though.

What is included:
- Your personal info: name, address, jurisdiction(s) of residence, TIN(s), date and place of birth
- Account number
- Name and identifying number of the Reporting financial institution
- for Custodial account:
(i) total interest paid or credited
(ii) total amount of dividends
(iii) total gross amount of other income generated with respect to the assets
(iv) total gross proceeds from the sale or redemption of financial assets
- for Depository account: total gross amount of interest paid or credited to the account.
For all accounts: account balance at the end of the year

You may want to look at these docs:
- CRS FAQ from OECD website
- Info on the CRS XML exchanged also from the OECD website
 
#7
First of all, 8 is "For all other other accounts". I assume OP was talking about a depositary (or maybe custodial) account,
Second this applies to amount paid or credited (i.e. no debits) "to which the RFI is the obligor or debtor". This is quite specific (e.g. you lended money to the RFI). At least that's how I read it...
 
#8
In any case, it would mean that there are fields for "the gross amount paid or credited" in the CRS specification? Wouldn't it be possible that some banks provide more information that they are required to?
 
#9
@zzzzzz:
Bank account transactions are not part of AEOI/CRS.

Transactions are not; but what about the turnover?

Alexmorgan said:
Because i can drain my accounts if that how it works
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Well,
1) that's probably why it is not so – IMO;
2) as to have money on another CRS-reported account would not yield anything, you would have to convert all into cash/crypto/etc. anyway
pomegranate said:
You may want to look at these docs:
- CRS FAQ from OECD website
- Info on the CRS XML exchanged also from the OECD website
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Useful links, thanks for pointing at it.
JustAnotherNomad said:
View attachment 5142

Found this somewhere. What about 8.?
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Yes, it might be the point.
Honestly, everything is possible. I can be wrong, of course.

I guess e.g. @Sols can offer a really qualified insight, if he notices this.

JustAnotherNomad said:
In any case, it would mean that there are fields for "the gross amount paid or credited" in the CRS specification? Wouldn't it be possible that some banks provide more information that they are required to?
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Well, as I have said, everything is possible.

My personal attitude is to see any account in any AEOI/CRS jurisdiction as (another government/taxmen)-transparent. But maybe I am just a little paranoid
 
#10
Alexmorgan said:
You sure?

Because i can drain my accounts if that how it works
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You can do that but past history of the account can and will be requested by the tax office. In other words, there is no escape!
 
#13
i could already see some CRS of mine and none had informations about IN/OUT transfers. Only value at beginning and end (or even only at the end, i do not remember well)
 
#14
If you are a tax resident or citizen of country A and you have assets in financial institutions in country B, these institutions will report the data to the tax authorities of country B. If you are tax resident of country B with your bank/broker, country A should not have access to the CRS information automatically.
 
#16
Ha Ha Ha …
1 software to report is the property of your bank
2 special small team of the bank is in charge to parameter the software
3 99% of the employees of the bank never heard of Crs/Aeoi, nor about internal software to report.

Some banks located in “grey or small juridictions” and under pressure with their local Gov. report over the limits to show good proof to the “white juridictions” that they comply meticulously.
 
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