# What does the bank do with dual citizenship info



## 206inUK (Mar 3, 2012)

I have been getting the pop up 'update your information' screens when logging into online banking. One of the questions is 'are you a dual citizen?' Before answering, I'm curious if anyone knows what the bank does with this information.


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## Bevdeforges (Nov 16, 2007)

Banks outside the US are required to report the accounts of US citizens (or "US persons" - those with US ties that may indicate that they are US taxpayers) to the IRS. If they don't comply with the US rules, they can be barred from doing business in the US.

Basically, if you have US nationality, they require you to provide them with a W-9 (or their own equivalent form) which basically means you inform them of your status and give them your US SS number. If your account meets the criteria for reporting, then they provide your account details and year end balance to the IRS, subject to the rules outlined in the bi-lateral agreement related to FATCA (US foreign account reporting regulations).


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## 206inUK (Mar 3, 2012)

Thanks for your response. I should have clarified that this is a US bank requesting this information. I have moved back to the US from the UK (where I do remember complying with FATCA for my UK bank) and wondered if anyone else had run across this in the US.


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## Bevdeforges (Nov 16, 2007)

According to the bilateral agreements and a number of international rules, the US banks are supposed be to "sharing" information about foreigners who hold bank accounts in the US. From what I've heard, compliance is negligible - but yes, banks around the world are supposed to ask for and maintain information on the nationalities of their customers in order to monitor accounts for potential money laundering or tax evasion activities.


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## hbhlhigqcp (Feb 19, 2019)

As Bevdeforges said, it's largely related to FATCA. W8-BEN's are the form I am familiar with, which is usually filled out every 3 years or until the account holder gets a TIN.


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