The Automatic Exchange of Information and how it affects you and your bank

The Foreign Account Tax Compliance Act (FATCA) is a US law passed in March 2010. It means banks in other countries must tell the US tax authority about their customers who are US Persons.

Please note

The UK and US governments have agreed that banks like the Royal Bank of Scotland will report their customers to the UK tax authority (HMRC), who will then share the information with the US tax authority (IRS).

You don't have to be living in the US to be a US person.

The term "US person" includes the following (but is not limited to):

• a US citizen, including someone who has kept their US citizenship but no longer lives in the country,
• a person residing in the US, including US green card holders,
• certain persons who spend a significant number of days in the US each year,
• US businesses, corporations, limited liability partnerships, US Estates and US Trusts.

Being a US person won’t change how you use your account, but it helps us know if we need to share your account details with the tax authorities. If we think that you or your business are US persons, we'll send you a form to fill out to confirm this.

If you're not a US person, you won't be affected, although we might need to send you a form to confirm this.

If you're a US citizen, you'll probably have a Security Number (SSN), even if you've never lived there. 

As SSNs can be issued at birth, you might want to speak to a family member, like a parent or guardian who may know this number or have stored your Social Security Card for you.

You can also find your SSN on US tax forms like 1099 forms or tax returns. If all else fails, you can contact the Federal Benefits Unit near you who will be able to tell you if you've ever been issued with a SSN. If they confirm that you have been given one, you'll need to get a new card online by contacting the Social Security Administration.

If you can't tell us your SSN, you'll receive a reminder letter every year as required by FATCA. We'll also continue to report your details to the tax authorities, even if we have not heard back from you.

For more information regarding FATCA, please speak to a qualified tax adviser or visit the Inland Revenue Service's (IRS) website.

If you have any more questions, the IRS have also provided a useful FATCA FAQ document.

The Common Reporting Standard (CRS) was agreed in 2014 by a group of countries working together to help stop tax evasion. It means that every year, the Royal Bank of Scotland must tell our local tax authority (HMRC) about our customers who are tax residents outside of the UK. HMRC will then share this information with the relevant tax authority.

If you're a tax resident outside of the UK, it won't change how you use your account, but it helps us know if we need to share your account details with the tax authorities. If we think that you or your business are affected, we'll send you a form to fill out to confirm this.

If you're a UK tax resident, you won't be affected, although we might need to send you a form to confirm this.

For more information on the CRS please contact a qualified tax adviser or see the OECD website.