Common Reporting Standard (CRS) has been initiated by the Organization for Economic Cooperation and Development (OECD) aiming at improving international tax compliance and preventing tax evasion, through the automatic exchange of information between the countries that implement CRS.
In May 2016, the Russian Federation adopted CRS. In accordance with CRS requirements, all financial institutions must collect information relating to the tax residence(s) and tax identification number(s).
Under the CRS, the Bank is required to determine where you are "tax resident" (this will usually be where you are liable to pay income or corporate taxes). The Bank will base this on information it has already or may ask you for additional details.
If you are tax resident outside the country/jurisdiction where you bank then the Bank may be required to provide details, including information relating to your accounts, to the national tax authority in the country/jurisdiction where the account is held. They may then share that information with the tax authority of the country/jurisdiction (or countries/jurisdictions) where you are tax resident.
Even if you have already provided information under the United States government's Foreign Account Tax Compliance Act (FATCA), you may still need to provide additional information for the CRS as these are different regulations with different requirements.
If you have any questions regarding your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority. If you have any specific questions regarding your tax residency, please contact a professional tax adviser, as we are unable to provide tax advice.
For more information about the Common Reporting Standard, please visit the official website of OECD http://www.oecd.org/tax/automatic-exchange/.
