The GMSG obliges credit institutions to determine the tax residency(ies) of their customers by reviewing customer data (both natural persons and legal entities) or by obtaining tax self-certifications from their customers. If a tax residency is identified in another country that participates in the automatic exchange of information to combat tax evasion, the credit institution must report certain data to the Austrian tax authorities. These authorities then forward the information to the competent foreign tax authorities. Affected customers have the right, in accordance with data protection regulations, to access the personal data processed and to request the correction of inaccurate data.

The information reported to the tax authorities includes:

• Name
• Address
• Country/countries of residence
• Tax identification number(s)
• Date and place of birth (for natural persons)
• Account and/or custody account number(s): savings, deposit, current accounts, and securities accounts
• Account/custody balances or values at year-end, or the closure of the account/custody account
• Investment income, other income from assets held in the account/custody account, and proceeds from disposals

Additionally, for legal entities, information on any controlling persons of the customer

• Name
• Address
• Country/countries of residence
• Tax identification number(s)
• Date and place of birth (for natural persons)