Which data may be exchanged?
Financial institutions may report the account holder's identity, tax residence, account number, year-end balance and certain income or proceeds. For entities, the individuals who control them may also be relevant.
A reported balance is not automatically taxable income. However, there should be an explainable connection between declared income, the source of assets and account movements.
Take an inventory before correcting records
Collect the country, bank, account type, opening date, beneficial owner and associated income stream in one table. Correct outdated addresses or incorrect residence records held by the bank.
Where under-reporting is suspected, review the treaty, domestic legislation and period before assuming the outcome. If necessary, consider correction options alongside their deadlines.