[banks] How CRS reports get ajusted when I change my address or phone numbers?

[Waldo Roni]

Let's say, a year ago I opened a bank account with a sim-card of country A, and this year I want to change my number to a siim-card of country B. Both countries may have nothing to do with my citizenship or residency, it just happens that I use sim-cards or virtual numbers of those countries because they're convenient, but I don't live there.

How will a bank ajust its CRS reports about me after I request to update my phone number? Will it stop reporting to country A?

In general, is it better to buy a local sim-card for the purpose of opening an account only, in order to avoid bringing up more countries, as indicia, that a bank may want to report to?

And the same question for changing my country/address. Not country of citizenship/passport, but a country with "current address". In some banks one can update the "current address" without having to provide a proof such a utility bill. And even a proof isn't a big problem because I could buy it from someone.

All in all, will a bank stop reporting to the countries of a) previous phone number b) previous address?

Last edited: Mar 12, 2021

 

[Gediminas]

Phone numbers have nothing to do with CRS reporting. Your residential address does.

 

[Waldo Roni]

Not true.

Phone numbers have to do with CRS reports.

 

[Gediminas]

The only thing it does for CRS is that you have to enter your‍ phone number into the file. So even if CRS reports to country A, you can⁠ use numbers from Country X Y Z. That's what I meant.

 

[Waldo Roni]

A phone of country is a pointer to a bank that I might be tied‌ to a said country. Therefore, why not report me there too?

What does "even CRS‍ reports to country A, you can use numbers..." --> you've missed a word? it's grammatically⁠ incorrect and makes no sense.

It's not about what I number *can use*. As if⁤ CRS reports would make phone number of country A unusable.

Re-read my question please.

 

[Gediminas]

@Waldo Roni, you come here to ask a question, I gave you the answer‌ (because I know this answer). If you think you know better, why are you asking?‍ 😉

This just does not have any logic. They can not report to a⁤ phone number. I would suggest you read a little more about how actually CRS works.⁣

P.S. yes, the phone number from a different country might trigger the compliance, they will⁢ most likely ask for the proof of residence, but in any case, they will report︀ to a country where your tax residency actually is, not to a country of a︁ phone number.

 

[Waldo Roni]

I should read or rather you should read?

 

[belarus]

I think what OP's trying to say is that a lot of financial services, like‌ banks and stuff, now want your phone number to match the country you’re living in.‍

So yeah, they basically closed a small loophole there.