Control and reporting
Tax reporting
Every year, we report the status of all customers’ mutual fund accounts or mutual fund holdings in DNB to Norwegian and international authorities for tax purposes. We are required to report information about customer number, name, address and mutual fund holdings.
As a result of international agreements on the automatic exchange of tax information, we must also obtain and report information about which countries in which you as a customer are resident for tax purposes. We disclose this information to the Norwegian tax authorities, which passes it on to the tax authorities in the respective countries where the account holders or beneficial owners are resident for tax purposes. For high-risk customers, this will also entail obtaining a tax return. The reporting is carried out annually. You can read more about this here.
The purpose of the data processing is to combat tax avoidance or evasion, as well as international tax crime.
We are required by law under the Norwegian Securities Trading Regulations to report the status of all customers' mutual fund accounts or mutual fund holdings to the Norwegian authorities. Under the FATCA and CRS rules, we are required to identify and annually report the account balances/value of the assets of customers who are resident for tax purposes in a country other than where the account is held.
We store your personal data for 13 years. For international tax reporting, we store information for 5 years after the end of the year in which the customer relationship was reported to the tax authorities or new documentation was obtained.
When we collect and process information about you, you have several rights under the data protection rules and legislation. This includes the right of access, the right to data portability, the right to rectification of any errors and the right to erasure, which means that we must, on our own initiative, delete information that is no longer necessary for the purpose of the processing. We will always consider any objections you may have to the processing of your personal data, and we will follow up any request you may make to opt out of direct marketing.
Read about how you can exercise your data protection rights on our privacy pages under "Your rights".
DNB Asset Management AS is responsible for the processing of your personal data.
- Identification data
- Contact details
- Relationship data
- Financial data
We report and share account information with the Norwegian Tax Administration, which automatically forwards the information to foreign tax authorities.