ℍ𝕂-𝟞𝟝

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Joined 10 months ago
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Cake day: July 14th, 2024

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  • Yeah, but the US subsidiary does not deal with that US citizen, the EU bank does. The US subsidiary might even know that that person is the customer of the EU bank, but might not know the details of their bank account, like one bank doesn’t necessarily know the details of other bank accounts. If you were a sanctioned individual and the EU bank deals with you, the US subsidiary would have to cut the EU bank off, but that does not mean that the EU bank has to transfer all data about all accounts to the US subsidiary beyond whether they deal with you, and even that is only if you are on “the list”.

    I mean it works like this at EU banks, they have a responsibility to give data to the tax office of the country you are tax resident of, but not all tax offices even in the EU. If I’m an Italian citizen residing long-term in Spain, and thus being a tax resident of Spain, the (likely Spanish) bank will have to provide all banking details to the Spanish tax office. The Italian tax office however has no such right, even though I’m an Italian citizen.