World Wide Tax Control
Communiction between all Tax Departments
Believe it or not, most countries share financial information about their citizens.
Despite manifold political differences and different social systems, all politicians are top class when it comes to your taxes.
Suddenly, data protection does not matter at all.
All about your money and your global revenues is under total control.
⚠Do not be foolish to even think about hidden accounts, back and forth transfers etc.
Know your customers / KYC
Opening an account with a bank requires you to provide your address and identification using your ID.
What is done with this information? Your identity card number is unique. Thus, your account is uniquely linked to you in person.
This may sound meaningful if you have lost your credit card and need an replacement.
Enforcement of the control instruments
But the "Know your customers" concept was established worldwide to monitor your financial transactions around the world.
Even banks in countries like Panama and Switzerland were forced to assign thier accounts to real identifiable persons, so you have to hand over your personal data.
Previously, banking secrecy was the holy grail... Switzerland offered anonymous "number accounts".
Common Reporting Standard / CRS
The Common Reporting Standard was established to automatically exchange your financial transactions of your worldwide bank accounts and your tax information with each other financial authorities worldwide.
We manage to get the official internal dataset description that will be used by the different countries to programm applications for thier IT-systems. We will evaluate it to specifically describe what data is being transmitted.