The Foreign Account Tax Compliance Act (FATCA) is a U.S. federal law aimed at preventing tax evasion by U.S. taxpayers holding financial assets outside the United States. FATCA requires foreign financial institutions, like Concorde Bank Limited, to identify and report information on financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest.

If you are a U.S. taxpayer or have connections to the U.S., that might trigger FATCA obligations. We will collect relevant information, such as your U.S. Tax Identification Number (TIN), and report this information to the U.S. Internal Revenue Service (IRS) as required. This measure ensures that you comply with U.S. tax laws and avoid potential penalties for non-compliance.

The Common Reporting Standard (CRS) is an international standard developed by the Organisation for Economic Co-operation and Development (OECD) for the automatic exchange of financial account information between participating countries. The objective of CRS is to combat tax evasion and ensure tax transparency on a global scale.​

Under CRS, Concorde Bank Limited must collect and report information about financial accounts held by non-residents to the relevant tax authorities in the account holders’ jurisdictions of tax residence. If you are a non-resident, we will ask for details such as your tax identification number and country of tax residence to fulfil these reporting obligations.

To comply with FATCA and CRS requirements, Concorde Bank Limited will need specific information from you, including but not limited to:​

• Full name
• Date of birth
• Country of tax residence
• Tax Identification Number (TIN)
• Detailed account information
• Ownership structure for entities

This information helps us determine your tax residency status and fulfil our reporting obligations to the appropriate tax authorities.

If your tax residency status changes, it is crucial to inform us as soon as possible. Changes in tax residency can affect your FATCA and CRS reporting obligations. To update your tax residency information, you will need to provide:​

• Documentation supporting your new tax residency status (e.g., tax residency certificate)

• Updated personal details, including your new tax identification number and country of tax residence

By promptly updating your information, you help us ensure ongoing compliance with FATCA and CRS requirements and avoid potential issues with tax authorities.