CRS, or the Common Reporting Standard, is a global standard developed by the OECD in cooperation with the G20 countries and the European Union. Its purpose is to enable the automatic exchange of information regarding bank and financial accounts held in banking or financial institutions of one country between the tax authorities of the member states of the convention.

Albania became a member by signing the agreement “On the Automatic Exchange of Financial Account Information,” approved by Decision No. 178, dated March 9, 2016, of the Council of Ministers.

According to Law No. 4/2020 “On the Automatic Exchange of Financial Account Information,” Credins Bank, like other second-level banks and financial institutions in the Republic of Albania, in the course of its activities and in its relationship with clients, is required to identify clients’ tax residence. Together with other information, such as the Tax Identification Number and information about accounts/deposits or other banking products of clients who are tax residents of one of the CRS member states, the Bank must report this information to the tax authorities of the Republic of Albania. The Albanian tax authorities then exchange this information with the tax authorities of the country of tax residence declared by the Client.

For more details, please download the information provided below.

FATCA (Foreign Account Tax Compliance Act) is United States legislation enacted on March 18, 2010, and effective as of July 1, 2014.

FATCA is primarily a regulatory requirement for foreign financial institutions to report their U.S. clients.

Credins Bank recognizes the importance of FATCA and complies with its requirements.

Compliance with client identification and reporting requirements is based on obtaining the client’s consent.