The Common Reporting Standard (CRS) (hereinafter referred to as "the Standard") was developed by the Organization for Economic Co-operation and Development (OECD) to promote tax transparency and combat tax evasion. Under the principle of reciprocity, the tax authorities of countries that have implemented the Standard will automatically exchange information once a year on the financial accounts of non-residents held in financial institutions. Banks and financial institutions are therefore required to collect and submit information on the tax residency of customers, account balances, and other details specified by the Standard to the local tax authorities. We would like to inform you that the Republic of Armenia, as a member of the OECD, has joind the Standard. Accordingly, relevant amendments have been made to the Tax Code of the Republic of Armenia to facilitate its implementation. Armenia has also joined international agreements that serve as the legal foundation for the Standard, including the Convention on Mutual Administrative Assistance in Tax Matters and, in particular, the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information. These agreements determine the list of countries with which Armenia is obliged to exchange relevant information. The international agreements are available on the official website of the State Revenue Committee of the Republic of Armenia (hereinafter referred to as the "SRC").

In accordance with the amendments to the Tax Code, financial institutions operating in Armenia, including “AMIO Bank” CJSC (hereinafter referred to as "the Bank"), are required to collect the information specified by the Standard and submit it to the State Revenue Committee.

If an account with the Bank is directly or indirectly managed by a person considered a tax resident of Armenia, and in the case of a legal entity classified as a passive non-financial entity where there is no non-resident individual who owns 20% or more of the shares (quota, stock) or is the ultimate beneficial owner (hereinafter referred to as the "Controlling Person"), then the requirements of the Standard do not apply. However, if the account is directly or indirectly managed by a person with tax obligations in countries participating in the Standard—or, in the case of a passive non-financial entity, if there is a non-resident Controlling Person—then the Bank is obliged to submit the information specified by the Standard to the State Revenue Committee.

In accordance with the requirements of the Standard, the Bank is required to collect and report the following information: