As part of its FATCA obligations, ING Luxembourg is required to report to the tax authorities any information related to its US clients for the year 2014.

While the Luxembourg authorities granted a delay of one month to Financial Institutions to report information (deadline on 31 July instead of 30 June) to the tax authorities, ING had already informed all its FATCA reportable clients by the end of April, which was much earlier than most of the actors of the financial center.

In addition to the timing advance, ING Luxembourg was also much more complete on information communicated to its clients: while a majority of Luxembourg banks only provided their clients with general information, communications to ING clients are specific and detailed: list of accounts with account numbers, accounts value for each account…

For ING, it is essential that its clients have this information in order to comply with their tax obligations: this transparent approach will allow ING clients to know what exact amounts and exact accounts are reported to the tax authorities.

This FATCA achievement fits very well with ING’s purpose, which is to empower people to stay a step ahead in life and in business.