CRS Self-certification

Got this from FXCM today, nothing from FP or IG markets.

Dear Client,

To help protect the integrity of the tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions, this is known as the Common Reporting Standard (“CRS”).

Under the CRS, we are required to collect and possess tax residence particulars and tax identification numbers of customers. Learn more about CRS Reporting.

As part of our due diligence and because you maintain one or more trading accounts with FXCM, you are being contacted to provide us your tax status information by completing the FXCM CRS Self-certification form by March 16, 2018. You can do so by clicking the button below and submitting the certification form with your information.

In some cases, we may need to request additional supporting documents to enable us to validate your Self-Certification form. We will contact you if we do. We thank you in advance for supporting us in meeting the CRS requirements.

Fill in CRS form

Please note, this information-gathering exercise may be repeated when you update certain information on your account or if we believe your reportable status may have changed. The Organisation for Economic Cooperation and Development (OECD) has developed the framework to be used by all governments participating in the CRS and these can be found by visiting the OECD’s Automatic Exchange of information’s website.
http://www.oecd.org/tax/automatic-e...ents ECXYZ&utm_medium=email&utm_source=Eloqua

I received it today from FXCM as well. Presently I am taking a wait and see approach as I am concern with data integrity and privacy given that the information can be shared across the OECD.

Not sure what would be the next step if I refuse to comply with the request.

Thank you for your feedback. FXCM participates under the Common Reporting Standard (CRS) and is therefore requesting this information to comply with the new information-gathering and reporting requirement for financial institutions. In general, Each FXCM entity reports to its local tax authorities and local authorities will exchange information among themselves based on CRS arrangements.

If you like you can submit the FXCM CRS Self certification via email, you can do so via the attached a PDF that you can fill out and send to [email protected]. If we do not receive the necessary information from you, it is possible that, we may need to lock your account until the information is received. We must have the information on file by the time we need to report to the relevant authorities.

Jason