The New Zealand Bankers' Association publishes the Code of Banking Practice (PDF 340kB), which sets out the standards of good banking practice when dealing with customers. As a member of the Association, ANZ has committed to support the standards set out in the code.
Automatic Exchange of Information (AEOI) is a global initiative for the automatic exchange of financial account information between tax authorities. Under AEOI, financial institutions, like banks, must collect information about their customers for reporting to tax authorities. AEOI is made up of two information sharing frameworks.
Foreign Account Tax Compliance Act
Under the US Foreign Account Tax Compliance Act (FATCA), financial institutions around the world must provide the US Internal Revenue Service with specific information about customers who are US citizens and US tax residents (US persons).
Under the Tax Administration Act and an agreement New Zealand signed with the United States, New Zealand banks must collect information to determine whether a customer is a US person and disclose specific information about those customers to Inland Revenue. Inland Revenue collates this information and passes it on to the US Internal Revenue Service (IRS). FATCA has been in place since 1 July 2014.
The IRS has registered Australia and New Zealand Banking Group Limited and its related entities, including ANZ Bank New Zealand Limited, and issued Global Intermediary Identification Numbers (GIINs) to show we comply with FATCA.
Common Reporting Standard
The Common Reporting Standard (CRS) is a set of rules on how countries taking part in the AEOI collect, report, and share financial account information. CRS is led by the OECD and under CRS, participating governments share details of accounts held by foreign tax residents.
Under the Tax Administration Act and international agreements New Zealand has signed, we need to comply with CRS. CRS requires financial institutions to collect a self-certification from customers about their tax residency status, and if applicable, collect other related tax information including countries of foreign tax residence and Tax Identification Numbers (TINs). New Zealand financial institutions provide this information to Inland Revenue yearly, and Inland Revenue may then share the information with tax authorities overseas. CRS has been in place in New Zealand since 1 July 2017.
When you open new accounts with us, you’ll need to complete a self-certification for both FATCA and CRS under New Zealand law and the results may be serious if you don’t or if the information you give is incomplete or incorrect. Under New Zealand law, there may be fines that apply and we may not be able to open accounts for you or may need to close or freeze existing accounts.
Find out more about AEOI on the ANZ Australia website. This contains links to the country-specific self-certification forms and tax authority sites.