What is the Common Reporting Standard (CRS)?
Common Reporting Standard (CRS), adopted at the level of Organization for Economic Cooperation and Development (OECD) and transposed at the level of the European Union through Directive 2014/107/EU on the mandatory automatic exchange of information in the field of taxation, which aim to prevent and reduce cross-border tax evasion.
In this regard, multiple states have signed agreements for the exchange of information in the fiscal field (updated list of states participating in the automatic reporting mechanism https://www.oecd.org/tax/exchange-of-tax-information/crs-mcaa-signatories.pdf), including Romania, the requirements in terms of reporting and tax diligence being transposed into national legislation by Law no. 207/2015 regarding the Fiscal Procedure Code, as it was amended by Emergency Ordinance of the Government no. 102 of 29.06.2022.
Thus, alongside the other banks in Romania, Banca Transilvania has the obligation to report National Agency for Fiscal Administration (A.N.A.F.) a series of information regarding client accounts (name, account number, tax identification number, etc.), under the conditions provided by law. This information will be reported in the calendar year following the year to which it refers, in the currency in which the account is denominated.
Processing of personal data is carried out by Banca Transilvania S.A. based on its legal obligation and in accordance with the provisions Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation). Details regarding the processing of personal data carried out by the Bank can be found in BT Privacy Policies.
Detailed information about the Common Reporting Standard (CRS)