Common use of FATCA and CRS Clause in Contracts

FATCA and CRS. 33.1 In accordance with the FATCA/CRS Reporting Rules, we may be required to submit certain information relating to the Customer and the Account to the Cyprus tax authorities which may in turn provide this information to other foreign tax authorities. Such information may include (but shall not be limited to) the Customer’s name, address, tax residency, tax identification number, Account balance and payments made with respect to the Account (the “FATCA/CRS Reports”). 33.2 If we are required by the FATCA/CRS Reporting Rules to file the FATCA/CRS Reports, we may, and the Customer hereby authorises us to, do so without the Customer’s further confirmation or consent. 33.3 Where any information is required by the FATCA/CRS Reporting Rules or by any regulatory or governmental authority to be reported in relation to the Customer and/or the Account, the Customer undertakes to provide us with such information within fifteen (15) Business Days in order to allow us to comply with such a requirement. 33.4 The Customer shall advise us promptly of any material developments or changes in the Customer’s circumstances which may affect our reporting obligations under the FATCA/CRS Reporting Rules, in particular: (a) For all legal entities and individuals – if the Customer becomes a US Person or changes its tax residency status; and (b) For Passive NFEs – if any of its existing ultimate beneficial owners holding (directly or indirectly) 25% or more of the Customer’s share capital becomes a US Person or changes his/her tax residency status. 33.5 We will continue to treat the Customer as being reportable under the FATCA/CRS Reporting Rules unless and until we receive a confirmation from the Customer which in our reasonable opinion indicates a change of status of the Customer for FATCA and/or CRS reporting purposes. 33.6 The Customer hereby acknowledges and confirms its obligation to provide us with information pertaining to its identity and to whether it qualifies as a US Person and/or a foreign tax resident as well as of any other FATCA and CRS related information that may be reasonably requested by us for the purposes of the FATCA/CRS Reports. Furthermore, the Customer acknowledges and accepts that should its failure to provide us such information result in any fines or penalties, it will be liable for the full payment of these and it shall fully indemnify us for any such fines and penalties as well as any costs incurred in defending our position in any action taken by any tax or governmental authority.