Wrong residence country

[GrumpyMess]

Offshore Ltd with a bank account. The bank send an email to update the company and UBO information if there are any changes. There is an error introduced by a bank employee - wrong ubo residence country, until now it was luck to cheat the crs, but now there is a requirement to confirm or change the data. If the confirm option is selected there is no need to present the supporting documents, however it will be cheating. Is it a good idea to cheat the bank or it is not worth it?

 

[Sols]

Never lie to your bank.

Whatever short term benefits you think you have are massively outweighed by the repercussions for if/when the bank finds out (closed account, 30 days to transfer to another account in the name of the company, or frozen assets pending court order or investigation).

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This is the probably the answer to your question.

 

[JackAlabama]

Sols said:
Never lie to your bank.

Whatever short term benefits you think you have are massively outweighed by the repercussions for if/when the bank finds out (closed account, 30 days to transfer to another account in the name of the company, or frozen assets pending court order or investigation).
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Yes, the very sad state of affairs.