Nordea EN English Dansk Norsk Suomi Svenska Common Reporting Standard (CRS) Breadcrumb Home About us Contact us Common Reporting Standard (CRS) CRS ("Common Reporting Standard") is a global standard for the automatic exchange of information on financial accounts between local competent authorities from different countries issued by OECD (“Organisation for Economic Co-operation and Development”). The standard requires financial institutions to identify and document financial accounts held by customers with a tax residence in another state or jurisdiction other than its own and report that information to local competent authorities. Local competent authorities exchange the information between each other’s. All EU Member States are participating in CRS and have signed an agreement on automatic exchange of financial information. Why CRS? Based on the OECD Common Reporting Standard and national legislation, all financial institutions are required to collect and report certain information about an account holder’s tax residency and the corresponding tax identification numbers (TINs), to the local competent authority in order to counter tax evasion in different countries. By collecting this information from all of our customers, Nordea contributes to creating a safe and healthy society by preventing tax evasion and other financial crimes. What does it mean to me, as a Nordea customer? CRS affects individuals and companies that are tax resident in any country other than where the bank is located, and who holds an account or investments in a bank or other financial institutions in the country where such bank is located. From 1. January 2016 Nordea is going to identify new customers' residence for tax purposes, and review existing account holders to identify customers’ tax residency/ies. Nordea must also identify certain corporate customers' beneficial owners with any other tax residence than the country where the bank is located. This may be done by collecting self-certifications from the customers/beneficial owners. Nordea is not allowed to conduct tax advisory nor determine customer’s tax residency on its own. If a customer has any questions on how to determine their tax residency status, they need to contact and consult with a tax advisor or the local tax authorities. Where can I find more information? OECD Contact Nordea If you have any questions please contact your local Contact Centre: Denmark Sweden Norway Finland Share this page Related links Foreign Account Tax Compliance Act (FATCA) About us Who we are Nordea in society Corporate governance Investors Nordea in figures Reports & presentations Share News & insights Press room Economic Outlook Blogs Careers Vacant positions Join us Locations Sustainability Sustainability at Nordea Sustainable Choice Reports Our services Corporates & institutions Small & medium businesses Personal customers Contact us General terms Privacy policy Cookies Accessibility Site feedback Nordea Bank © 2021 Nordea’s use of cookies Dansk Norsk Suomi Svenska Nordea uses own cookies as well as cookies from third parties. Cookies are used to enhance your online experience and to remember your preferences, for example language. Cookies are also used to analyse web traffic and to show you targeted ads in our own and third parties’ online media. We ask for your consent to use such cookies, except for necessary cookies which are needed to run our website. If you click on “Settings” below, you are able to decide which cookies you want to consent to. By clicking “Accept all cookies” you consent to all cookies from Nordea and our third-party collaborators. You can change or withdraw your consent at any time. You can read more about the use of cookies and how you can withdraw your consent in our cookie policy. Accept all cookies Settings