Does submitting mangled, incorrect personal data to brokers, offshore bank accounts prevent CRS detection?

[Educate]

So if institutions share the data digitally across the world with your jurisdiction, wouldn't a way to fix it be just indicating incorrect information?

For example this could work for EMIs like PayPal. Just indicate a slightly different personal ID code or something like that. What do you think?

 

[Sols]

Great, you have now committed fraud. You just went from tax dodger to hardened criminal.

You'll have to show a copy of your passport or other ID document with this new, fictive ID number. So let's add forgery to the list.

Depending on country but pretty much all have ways to verify that ID numbers are valid, either through check numbers (the number is generated through a verifiable algorithm) or through online registers to which financial institutions have access.

But suppose you do it and manage to tell your Belize bank that your ID number is 1235 instead of 123S, and that somehow it doesn't get manually or automatically detected as invalid. The information is still going to be shared and end up in the hands of the government in whose country you live (and/or your country of citizenship). At that point, you're at the mercy of that government's systems not identifying you by name, address, ID, date of birth, and other information in case they have a fuzzy matching system or manual review process.

And all this for what? To illegal save on taxes but at the same time opening yourself to having your funds frozen and potential prison time and fines?

Those who adapt to the present will do much better now and in the future. Get stuck in the old ways of secrecy and tax evasion, and see what happens.

Toggle signature
This is the probably the answer to your question.

 

[JohnLocke]

Sols said:
Great, you have now committed fraud. You just went from tax dodger to hardened criminal.
Click to expand...

Sols said:
So let's add forgery to the list.
Click to expand...

I don't think anyone has any doubts about this, but good you can remind us all of it 😉

Toggle signature

>> Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold <<​

Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community

Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[avalanche]

Sols said:
Great, you have now committed fraud. You just went from tax dodger to hardened criminal.

You'll have to show a copy of your passport or other ID document with this new, fictive ID number. So let's add forgery to the list.

Depending on country but pretty much all have ways to verify that ID numbers are valid, either through check numbers (the number is generated through a verifiable algorithm) or through online registers to which financial institutions have access.

But suppose you do it and manage to tell your Belize bank that your ID number is 1235 instead of 123S, and that somehow it doesn't get manually or automatically detected as invalid. The information is still going to be shared and end up in the hands of the government in whose country you live (and/or your country of citizenship). At that point, you're at the mercy of that government's systems not identifying you by name, address, ID, date of birth, and other information in case they have a fuzzy matching system or manual review process.

And all this for what? To illegal save on taxes but at the same time opening yourself to having your funds frozen and potential prison time and fines?

Those who adapt to the present will do much better now and in the future. Get stuck in the old ways of secrecy and tax evasion, and see what happens.
Click to expand...

When I was opening personal account, one branch manager in Poland told me I could put random number as my TIN ID and nothing would happen. 😀

 

[NicolasMaduro]

Many banks in Eastern Europe you can write a wrong number, since they don´t verify it. I don´t know what consequences it can have?

 

[Educate]

NicolasMaduro said:
Many banks in Eastern Europe you can write a wrong number, since they don´t verify it. I don´t know what consequences it can have?
Click to expand...

Nobody cares unless someone is laundering millions to terrorist regimes.

No financial institution cares about some small time affiliate marketer or poker player.

 

[Sols]

Strictly speaking, banks don't care about money laundering. They make lots of money that way.

However, banks care about what their regulator says, which can be either the local central bank/financial service authority or, in case of large EU banks, the ECB.

If a regulator or a foreign regulator in an influential country points to a specific bank or country, they will suddenly start caring a whole lot about your false information.

Toggle signature
This is the probably the answer to your question.

 

[AndersonDrew]

Sols said:
Strictly speaking, banks don't care about money laundering. They make lots of money that way.

However, banks care about what their regulator says, which can be either the local central bank/financial service authority or, in case of large EU banks, the ECB.

If a regulator or a foreign regulator in an influential country points to a specific bank or country, they will suddenly start caring a whole lot about your false information.
Click to expand...

Yes even banks and brokerages tell US citizens not to identify their US citizenship with their compliance teams if they are living with dual UK/US passports and are living in UK as they know that US passport is a pariah to their compliance teams. This happened to people from US living in UK or EU recently as bank/brokerages do not wish to do anything with their US passports in spite of the mighty arm of the US govt who is going overboard with their laws. This was also written on some other posts in a forum recently.