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Announcement on Implementation of Administrative Measures on Due Diligence of Tax-related Information of Non-residents’Financial Accounts among Personal Customers


2017-06-30

 

Dear Sir/Madam,

The Administrative Measures on Due Diligence of Tax-related Information of Non-residents’ Financial Accounts (Decree No.14 in 2017, hereinafter referred to as “the Administrative Measures” for short) has been formulated by the State Administration of Taxation, the Ministry of Finance, the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and China Insurance Regulatory Commission in a joint bid to perform the international obligation to automatically exchange tax-related information of financial accounts and regulate the due diligence conducted by financial institutions for tax-related information of financial accounts owned by non-residents. The Administrative Measures shall take effect as of July 1st, 2017. As required by the Administrative Measures, the Bank shall conduct the due diligence to eligible new and existing personal accounts, as a means to identify the tax-related non-resident customers and report their relevant information. Related matters are hereby announced as below:

I. While personal customers are opening personal accounts with the Bank, account holders are required to sign the “Declaration of Personal Tax Residency Status”, based on which the Bank shall identify whether the account holders are non-resident individuals or not. Where a personal account is opened through an agent, the “Declaration of Personal Tax Residency Status” may be signed by the agent with the written authorization of the account holder.

II. To better facilitate your fulfillment of the relevant obligation, please fill out in an authentic, accurate and integral manner and sign the “Declaration of Personal Tax Residency Status” when opening any of the following personal accounts with the Bank since July 1st, 2017.

i. Personal deposit accounts (demand deposit accounts and time deposit accounts);

ii. Bank card accounts including debit cards and credit cards, among other types;

iii. Investment wealth management accounts as well as other personal accounts listed in the Administrative Measures.

III. According to the Administrative Measures, the Bank shall carry out the due diligence to the existing personal accounts, and request you to provide the “Declaration of Personal Tax Residency Status” in light of pertinent provisions. If you fail to provide such document within 90 days as the Bank requests, your personal accounts shall be managed as non-resident accounts.

IV. As per the Administrative Measures, if any change occurs to your personal customer/account information or “Declaration of Personal Tax Residency Status”, you need to notify the Bank of the change within 30 days since its occurrence. Otherwise, this may interfere your opening new account with the Bank.

V. While carrying out the due diligence of tax-related information to non-residents’ financial accounts, the Bank won’t ask you with any reason to provide account password, payment password, login password for online banking, login password for mobile banking, or SMS verification code. So please take note of this in case that information leak may cause you fund loss.

Any matter uncovered there in shall be subject to the Administrative Measures.

For more relevant content, please visit the website of the State Administration of Taxation: http://www.chinatax.gov.cn/aeoi_index.html

If you have any question about the aforesaid content, never hesitate to call our customer service hotline or visit our branches or institutions for consultancy.

Customer service hotline: 95566

Service hotline for credit card customers at home: 4006695566

Service hotline for credit card customers abroad: +86-10-66085566

Thank you for your understanding and support!

Bank of China Limited
June 30, 2017

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