AUTOMATIC EXCHANGE OF INFORMATION (AEOI)


	Background

	Governments around the world are adopting a new Automatic Exchange of Information (AEoI) standard
	between tax authorities. This legislation is known as the Common Reporting Standard (CRS).

	Further details on Automatic Exchange of Information can be found here. 

	Under the CRS legislation, all financial institutions are required to:
	
	   - Establish the tax residency of all account holders
	   - Identify any possible connections for tax purposes with any other countries
	   - Report the  financial account information of customers to the relevant tax authorities on an
	     annual basis


	1) How does the Common Reporting Standard impact clients of Habib Bank Zurich Plc?

	New Account Holders:
	
	   - Individual clients,  who open a new  financial account with  Habib Bank Zurich Plc,  will be 
	     required to provide a self-certification form.
	   - In case of entities, under certain circumstances,  the requirement is to identify and report
	     details of their Controlling Persons
	   - An account holder must either provide the  TIN  associated with that tax residence or give a
	     valid reason why they cannot provide a TIN (e.g. the country does not assign TINs)

	Existing Account Holders:
	
	   - All existing accounts will be subject to due diligence procedures so that  Habib Bank Zurich
	     Plc can determine their tax residence and reportable status.
	   - The due  diligence  will  take place on an on going  basis  and clients will be contacted to
	     provide self-certification form or other documentary evidence as part of this process. 


	2) What will the information be used for?

	If the relevant due diligence procedures identifies an account holder as a  reportable person, or
	as having one or more Controlling Persons that is a reportable person,  Habib Bank Zurich Plc, is 
	required by law to report account information to HMRC.   The reporting is carried out annually in 
	relation to the previous calendar year.

	The information exchanged may only be made available to tax authorities of a partner jurisdiction
	in which the  reportable  person is resident  and  may  only  be  used for  tax  purposes.  It is 
	prohibited for the receiving partner jurisdiction to forward the  received information to another 
	jurisdiction, and it must treat the information as confidential.


	3) What information will be reported?

	For Individuals/Controlling persons:
	
	   Name,  Address,  date  of  birth,   place  of  birth,   country(ies)  of  tax  residence,  tax
	   identification number  (or  equivalent where applicable),  account details,  the total account
	   balance or value of accounts as of the end of the calendar  year or other  appropriate period,
	   gross amount of interest,  gross amount of dividends  and  the gross amount of other income or
	   proceeds from sale or redemption of investments paid or credited to the account.

	For Entities:

	   Name, Address,  country(ies) of tax residence,  tax Identification Number (or equivalent where
	   applicable), account details,  the account balance or value as of the end of the calendar year
	   or other appropriate period, gross amount of interest, gross amount of dividends and the gross
	   amount of other income or proceeds from  sale or redemption of investments paid or credited to
	   the account,  for some entities the  information on the  controlling  person  (please refer to
	   above individual section)


	4) What If self-certification form is not completed and returned to the Bank?

	If the self-certification is not completed and returned back to us then we are required to report
	the information we hold about your account to HMRC or your local tax authority


	Important Information:

	Habib Bank Zurich Plc, cannot provide help or advice to customers on CRS or any other tax related
	matter.

	If you do not  understand  your  tax obligations,  you  may  need to  decide if you  want to seek
	independent tax advice from a tax or financial advisor.