# Caixabank asking personal financial info



## international001 (Feb 16, 2018)

'Datos de actividad laboral y perfil operativo (KYC)'

Asks your income, SSN, etc

I don't want to give it to them. It's supposed to be anti laundering money, but I'm sure the taxmen is also behind. You are supposed to comply by the end of the month

Do all banks do it? Any workaround to have a Spanish bank account w/o giving out too much info?

-J


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## Alcalaina (Aug 6, 2010)

All banks have to collect information on their customers' sources of income. It's an EU directive; as you say, it's to help control money laundering. Nothing to do with tax. 

Even if they did pass information to Hacienda, it would only be a problem for those with something to hide...


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## international001 (Feb 16, 2018)

Sure.. hacienda is always fair and there is no room for interpretation of complex international issues, and if there are problems, they'll solve them quickly and nicely

irony aside.. 

So who owns the data? The bank, the government of Spain or the EU?
I'm not sure I want to give my US SSN. I don't know how well it would be protected and what are the different legal considerations respect having it hacked from a US institutions.


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## kalohi (May 6, 2012)

international001 said:


> Sure.. hacienda is always fair and there is no room for interpretation of complex international issues, and if there are problems, they'll solve them quickly and nicely
> 
> irony aside..
> 
> ...


You can thank good old uncle Sam for you having to give your US SSN to your Spanish bank. :usa2:The law you can thank is called the Foreign Account Tax Compliance Act, or FATCA. FATCA requires all non-US banks to hand over your financial information to the US Department of the Treasury. It's a pain in the butt for the banks, and because of that there are banks that now refuse to take on US customers. So you should actually be thankful that you've found a bank willing to take you on as a customer. If you want to use a Spanish bank you have no choice but to give them the information they're asking for.


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## international001 (Feb 16, 2018)

Why would Uncle Same on the name of FACTA have to give SSN to your Spanish bank? Can't they just use name or other identifier?

From what I see, EU is trying to do what FACTA does, but just within the EU (for now)


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## 95995 (May 16, 2010)

international001 said:


> Why would Uncle Same on the name of FACTA have to give SSN to your Spanish bank? Can't they just use name or other identifier?
> 
> From what I see, EU is trying to do what FACTA does, but just within the EU (for now)


It's FATCA and it's US legislation, not EU, although it has to be complied without throughout the EU and EEA. Here in France you would have to complete a form W9 for the bank that includes your SSN and the banks report to the central bank here (Banque de France), which is responsible for providing the information to the US and in France also many banks will not accept US customers because of the significant hassle and RISK (potentially mega fines imposed by the US associated with FATCA). That said laundering arrangements and regulations are becoming far more strict throughout OECD countries.

I believe there are some other acceptable identifiers (not everyone who is a US citizen actually has a SSN), maybe your passport number, but the simplest thing if you want/need a Spanish bank account would be to provide your SSN.


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## Pazcat (Mar 24, 2010)

It is an EU directive, it may be in addition to FACTA but it is definitely part of the EUs anti money laundering regulations introduced recently. Plenty of info online about it.
If the information is not supplied then they will freeze your account. Not sure what happens then but every bank will ask for similar.

This affects all account holders no matter their nationality.


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## 95995 (May 16, 2010)

Pazcat said:


> It is an EU directive, it may be in addition to FACTA but it is definitely part of the EUs anti money laundering regulations introduced recently. Plenty of info online about it.
> If the information is not supplied then they will freeze your account. Not sure what happens then but every bank will ask for similar.
> 
> This affects all account holders no matter their nationality.


Yes, an EU directive that specifically aligns with FATCA and is largely a consequence if pressure from the US. Just hope FATCA works equally to the benefit of the EU. Not that these regulations alone can actually stamp out money laundering - far from it, sadly.


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## 95995 (May 16, 2010)

It's FATCA guys, not FACTA


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## Pesky Wesky (May 10, 2009)

EverHopeful said:


> It's FATCA guys, not FACTA


As in Fat Cat...
It's the law either way EU or US and that's that really. If the OP wants to know more about where the info goes and the security surrounding these issues he should get in touch with his bank directly


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## angkag (Oct 29, 2013)

I spent some time dealing with FATCA from the inside, and note it applies to 'US PERSONS' not citizens, with 'US persons' broadly defined as anyone subject to US taxation, ie not just US citizens (includes green card holders etc).

So its a bit tricky for financial institutions to comply as they need to identify who are US persons, but passport alone isn't enough (as could have British passport and green card for example, so be a 'US person'), hence the increasing requirements for declarations and other information.


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