Tax reporting – CRS and FATCA

At Alpha Bank London, we approach tax reporting with a sense of discipline, order and careful attention to detail. It is a structured process, guided by clear rules, designed to ensure everything is handled correctly and with integrity.

The Common Reporting Standard, or CRS, forms part of this framework. Developed by the Organisation for Economic Co-operation and Development in cooperation with the G20 and the European Union, it establishes a global system for the automatic exchange of financial information between jurisdictions.

In accordance with CRS, and in line with all UK banks, Alpha Bank London Limited reports certain information to HMRC relating to financial assets held on behalf of customers whose tax authorities participate in these exchanges. This information is shared automatically each year and covers approximately 100 jurisdictions, including the UK and all EU member states. Alongside this sits the United States’ Foreign Account Tax Compliance Act, or FATCA, which has applied similar requirements for US persons since 2014.

When applying for one of our products, we ask that all sections of the application form are completed fully and accurately. This includes a declaration, often referred to as a self-certification, where you confirm that the information provided is correct and that you will notify us of any relevant changes in your circumstances within 30 days.

Please note that Alpha Bank London Limited does not open new accounts for customers classified as US persons under FATCA rules.

Further information on CRS and FATCA is available on GOV.UK. While we are always happy to assist with our processes, we are unable to provide tax advice or comment on an individual’s tax position. Any guidance we provide is for general reference only. Should you require further assistance, we recommend seeking advice from a qualified professional.

For business accounts, a similarly careful approach is required. Applications must be completed in full and include all information and documentation necessary for CRS and FATCA reporting. This includes details such as the business’s Tax Identification Number and its CRS or FATCA status.

As part of the application, you will confirm that the information provided is accurate. This serves as your self-certification for CRS and FATCA purposes.

You will also need to supply information for each Controlling Person or Beneficial Owner holding 25 percent or more of the business, including whether they are a US person. Definitions of these terms are available in HMRC guidance. If the required information is not provided, we may be unable to proceed with the application.

Under CRS and FATCA requirements, banks must report account information to their local tax authority, in this case HMRC, where records indicate that an account holder is resident, or potentially resident, in a reportable jurisdiction such as Cyprus, Greece or the United States.

Businesses and other entities are also required to determine their CRS or FATCA status. Most that are not financial institutions will fall into one of two categories, Active or Passive Non-Financial Entities. These classifications are explained on GOV.UK, and where there is any uncertainty, guidance from a financial adviser is advisable.

If a business or entity does not provide its classification, we may rely on information already available to us or from public sources to determine its CRS or FATCA status. If you wish to confirm or update the classification we hold, your Relationship Manager will be able to assist.

Ultimately, the objective is straightforward: to ensure that everything is handled properly, consistently and with the level of care one would expect from a trusted financial institution.

If you feel you might benefit from a little extra support, please don’t hesitate to reach out. We’re here to listen, properly, and to help in a way that suits you.

• Phone: +44 (0) 207 332 6767
• Email: info@alpha-bank.co.uk
• Or speak directly with your Relationship Manager in Private Banking or Real Estate Finance

Your well-being matters to us, and we’re committed to making your experience feel as smooth, reassuring, and supportive as it should be.