It’s natural to wonder how your account information is shared.
ZEN.COM is a financial institution supervised by the Central Bank of Lithuania (for clients registered in the EU) and the Financial Conduct Authority (for clients registered in the UK).
Because of this, ZEN.COM is legally required to gather and report certain account information to the Lithuanian Tax Authorities (for EU-registered clients) and the British Tax Authorities (for UK-registered clients). These authorities may then share this information with other jurisdictions under international tax cooperation agreements.
This process helps ensure your account remains compliant with tax laws in your country and follows international standards, specifically the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA).
The CRS was created by the Organisation for Economic Co-operation and Development (OECD). It requires participating jurisdictions to collect information from their financial institutions and share it with other jurisdictions each year.
You can find more information about CRS on the OECD website (external link).
FATCA is a United States law that requires foreign financial institutions to obtain information about foreign financial assets held by US citizens.
For more details about FATCA, visit the IRS website (external link).