What happens if I fail to complete the self-certification form?
Failure to complete the self-certification form may result in Triodos Bank UK being unable to fulfil its legal obligations under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). These regulations aim to combat tax evasion by ensuring that financial institutions properly report information about their customers' accounts to tax authorities.
If you don't complete the self-certification form, this could potentially lead to restrictions on your account or other regulatory consequences. It is important to provide the requested information promptly to ensure compliance. This can prevent any potential issues or penalties related to tax evasion and help maintain the integrity of your financial accounts.