France Implements New Regulations for Uncooperative Accountholders
The French Tax Authorities have released a draft bill for reporting requirements for financial institutions in France to report new accounts opened by inobedient accountholders (individuals who have not declared their tax residence and the corresponding tax identification number-TIN). The requirements stand for all accounts unless the account was opened for pre-existing clients.
The data must be given by March 31st 2020 for the sharing with other countries under the OECD’s common reporting standard (CRS). Failure to adhere imposes a EUR €200 fine per account; so if an individual has multiple accounts it may accumulate significantly.