EU Asks US for Clarity on Bank Information Reporting Rules

The EU sent a letter to the US asking for clarification of a requirement that foreign banks provide financial information to the American government.

The letter, sent by Cyprus last week on behalf of all EU countries and seen by Bloomberg, noted that European banks need to provide the US with their US customers’ tax identification numbers, but in many cases those citizens don’t have any, especially if they have lived abroad most of their lives.

“In this context, questions arise as to how Reporting Financial Institutions should proceed in situations where a U.S. TIN is not available,” the letter ...