Common Reporting Standard, Self Certification

snorrie · 2022-12-12 07:11:29

Is anyone familiar enough with the OECD Common Reporting Standard to offer an opinion on the following? What is the difference between self certification and, well, not self certifying? Theoretical situation: person moves EU countries, closes bank account in one country No. 1, transfers funds to new account in country No.…

12-12-2022 07:11AM

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snorrie

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Is anyone familiar enough with the OECD Common Reporting Standard to offer an opinion on the following?
What is the difference between self certification and, well, not self certifying?
Theoretical situation: person moves EU countries, closes bank account in one country No. 1, transfers funds to new account in country No. 2. Bank in country No.1 (location of closed account) sends self-certification form.
If the person returns the form, the bank sends the info on the form to the tax authority. If the person does not return the form, the bank sends whatever info it has to tax authority. What is the difference?

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