CaixaBank asking for more information

Colin97 wrote on Fri Aug 5, 2022 6:38pm:

Hi, nothing to do with brexit but you will get loads of people saying it is. Banco Popular and Santander have been asking for this information for years. Banco Popular was a bit lax but required this 10 years ago. Santander want proof of your tax status every year or two, bit confusing due to cov...

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...id when it was required by. Also proof your passport has not changed. I was told it was in case you were to pay Spanish tax and banks must do this on all non residents. Might also be to try and flog you insurance and different (paid for) bank accounts. This was my experience last month at Santander.

Bob1 wrote on Sun Aug 7, 2022 9:41pm:

My wife also got this, but I didn’t. I pay Spanish tax. My wife’s only income is UK pension paid into UK bank. We just passed this to our accountant to deal with.

Mrsubby wrote on Thu Aug 4, 2022 10:36pm:

Good evening everyone.

Has anyone received this from Caixia  bank or other banks for that matter. Looks like another Brexit red tape thing  

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I’ve already given them my uk national  insurance number and profession along with annual earnings after they requested it, now they are asking for below, had nothing but hassle since they took over Bankia, it started off as a simple bank to be with, but getting sick of all these 60 day demands.

I live in uk own a property in Spain but don’t rent it out, all money is transferred over from my uk bank

Many thanks in anticipation 

 Dear Customer,

Please note that the current Money Laundering Prevention Act requires all banks to implement a series of measures, which include the obligation to collect and keep an updated record of the financial activity of our customers.

In your case, we do not have all the required information. Therefore, we kindly request that you go to your CaixaBank branch to provide your details.

In addition to providing us with some information on your financial and planned banking activity, if you are self-employed, we require you to provide us with the following documents:

- Forms 036 [Modelo 036] (Spanish tax register declaration) or an equivalent document in your country of residence

- A supporting document accrediting your financial activity (Personal Income Tax and/or annual VAT returns in Spain) or a copy of your tax return in your country of tax residence

We would like to stress that, given that this is a legal requirement, in the event of this information not appearing in our systems within the next 60 days, we will be obliged to limit the operations relating to your contracts.

In addition, with respect to the deposits linked to products with unpaid fees or premiums that you may have, we inform you that the only functionality that will remain in operation, in an exceptional and temporary manner as may be required, will be that strictly limited to the deposit of the amount necessary to meet their payment, that you shall be required to carry out via your branch.

For further information, please do not hesitate to contact CaixaBank through your regular contact person at your branch. 

Baggywrinkles wrote on Mon Aug 8, 2022 7:19am:

The Modelo form apparently is against EU law. and are being taken to the EU court but they still keep using it.

Gio wrote on Wed Aug 10, 2022 1:57pm:

Hi All,

I am an investment banker for over 25 years on the UK and globally. I’ve covered many aspect such as the legal side to and company structures, taxation and consultancy but main work is structured finance and investment banking for HMW clients. All international banks require AML (Anti money lau...

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...ndering) due diligence to be carried out and these jurisdictional banks have signed upto a double taxation treaty called CRS (common reporting standards for EU and FATCA for US individuals). They require you to declare or them to establish whether you are earning/income in one jurisdiction or multiple and if so to ensure you are declare taxation in the necessary jurisdiction. Main thing is Spain is around 10 years behind as always any other jurisdiction. They cannot not will not freeze your account but do require you to answer the questions they ask. I would suggest provide them the minimum to avoid issues and happy for anyone to contact me for any information which may assist them. I am based in the UK but also have properties in Spain and elsewhere and would consider myself an expert on investment banking matters and legal aspects too. Always happy to help. 

Best 

Gio