CRS

We would like to inform you that on 19 August 2022, Ukraine acceded to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (hereinafter referred to as the "CRS Multilateral Agreement"). Thus, Ukraine has joined the international system of automatic exchange of financial account information in accordance with the CRS Common Reporting Standard, approved by the Council of the Organisation for Economic Co-operation and Development (OECD) on 15 July 2014.

On 28 April 2023, the Law of Ukraine dated 20.03.2023 No. 2970-IX "On Amendments to the Tax Code of Ukraine and Other Legislative Acts of Ukraine on the Implementation of the International Standard for the Automatic Exchange of Information on Financial Accounts" (hereinafter - Law 2970-IX) came into force.

In accordance with Law 2970-IX, JOINT STOCK COMPANY "COMINBANK", as a financial agent, is obliged to carry out due diligence of clients' financial accounts and identify among account holders (in certain cases, among their controlling persons) persons who are tax residents of other reporting jurisdictions of information exchange partners. Information on such accounts is submitted to the State Tax Service of Ukraine in the form of a report on reported accounts.

In order to ensure that due diligence is carried out when establishing business relations/opening accounts and updating data, the Bank needs to determine the residency of all customers, regardless of whether they are residents of countries included in the list of CRS reporting jurisdictions.

Thus, when establishing business relations/opening accounts and updating data, pursuant to Law 2970-IX, all clients are required to provide a completed CRS Global Reporting Standard self-assessment document.

Annex 1 CRS self-assessment ORGANISATION / Guidelines for completing Annex 1 CRS - Organisation

Annex 2 CRS-CP self-assessment CONTROLLING PERSON / Guidelines Appendix 2 CRSCP-Control Person

Annex 3 CRS-I-Self-Assessment INDIVIDUAL / Guidance for completing Annex 3 CRS-I INDIVIDUAL

More information and regulations on CRS are available here:

https://tax.gov.ua/baneryi/crs

https://www.mof.gov.ua/uk/crs-578

https://www.oecd.org/tax/automatic-exchange/common-reporting-standard