It is known that according to the DAC8, the 7th amendment to the Directive on Administrative Cooperation (exactly Council Directive (EU) 2023/2226 of 17 October 2023 amending Directive 2011/16/EU), all EU-operating EMIs are considered Reporting Financial Institutions under CRS effectively onwards 2026-01-01. Reporting will concern all accounts, unless 90-day rolling average balance does not exceed USD 10,000 at any day during the year.
It's the future.
As of now, some EMIs, reportedly, claim not to report; but the vast majority is reticent about this. (Of course, it is recommendable to act as if all report.)
Nevertheless, @Giorgiogori reported here Alternative to blackcatcard about Zen
@Giorgiogori, could you share what the customer support told you exactly?
Or can some other member elaborate on this?
Especially, whether they are reporting everything (as banks generally do) or just the accounts with an average balance over USD 10,000 as it is planned?
I wonder because frankly, I would not expect such activity especially at Zen; if it is all true, I would probably think about possible background, just of my curiosity
It's the future.
As of now, some EMIs, reportedly, claim not to report; but the vast majority is reticent about this. (Of course, it is recommendable to act as if all report.)
Nevertheless, @Giorgiogori reported here Alternative to blackcatcard about Zen
– I guess that this is perhaps the first case when some EMI openly claims that they report even now.Zen reports crs .. Confirmed by their customer support.
@Giorgiogori, could you share what the customer support told you exactly?
Or can some other member elaborate on this?
Especially, whether they are reporting everything (as banks generally do) or just the accounts with an average balance over USD 10,000 as it is planned?
I wonder because frankly, I would not expect such activity especially at Zen; if it is all true, I would probably think about possible background, just of my curiosity