What is the Common Reporting Standard (CRS)?
The Common Reporting Standard (CRS), adopted at the level of the Organisation for Economic Cooperation and Development (OECD) and transposed at EU level by Directive 2014/107/EU on the automatic exchange of information in the field of taxation, aims to prevent and reduce cross-border tax evasion.
In this regard, several countries have signed agreements for the exchange of information in the tax area (updated list of countries participating in the automatic reporting mechanism https://www.oecd.org/tax/exchange-of-tax-information/crs-mcaa-signatories.pdf), including Romania, with the reporting and tax due diligence requirements being transposed into national law by Law no. 207/2015 on the Tax Procedure Code, as amended by Government Emergency Ordinance no. 102 of 29.06.2022.
Thus, along with the other banks in Romania, Banca Transilvania is obliged to report to the National Tax Administration Agency (A.N.A.F.) a series of information on customer 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.
The processing of personal data is carried out by Banca Transilvania S.A. pursuant to its legal obligation and in accordance with the provisions of Regulation (EU) 2016/679 on the protection of individuals 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 on the processing of personal data carried out by the Bank can be found in BT Privacy Policy.