Dear Sir/Madam,
Montenegro has commenced the implementation of the CRS (Common Reporting Standard) – an international standard for the automatic exchange of information on financial accounts between the tax administrations of jurisdictions participating in this global framework.
CRS is currently implemented across numerous jurisdictions worldwide, with the aim of enhancing transparency regarding financial accounts held by individuals and entities outside their country of tax residence.
What does this mean for you as a customer of Zapad Banka?
The Bank is required to identify and record information regarding its customers’ tax residency and, where applicable, other information necessary for CRS/FATCA classification.
For most of our customers, no additional action will be required. If additional information or documents are required in relation to your account, Zapad Banka will contact you directly and provide clear instructions.
Please note that CRS does not introduce a new tax, nor does it determine where you are required to pay tax. Similarly, a request from the Bank for additional information does not automatically mean that information relating to your account will be subject to international exchange.
If your account meets the legally prescribed reporting requirements, the Bank will provide the relevant information to the Tax Administration of Montenegro, which will then exchange this information with the competent tax authorities of the relevant jurisdictions in accordance with CRS rules.
Zapad Banka will contact you in the coming period if we need to obtain or update your information.
For more information about CRS/FATCA rules, please check the FAQ section on the Bank’s website.
For any further information, please feel free to contact your dedicated account manager at Zapad Banka.
Thank you for your cooperation.
Zapad Banka
On Your Side of the World.
.avif)
