What happens if I do not provide the financial institution with the information it requests, or provide inaccurate information?

Financial institutions must obtain information regarding your tax residence status and whether you are a US citizen before it can set up a new account for you. This means that if you do not complete the forms requested by the financial institution, you will be unable to set up a new account. If you provide inaccurate or incomplete information, the financial institution will be required to close the account if you do not provide accurate information when it is requested.

If you already have a financial account with a financial institution, the institution must search for information to indicate that you have a connection abroad. If the financial institution finds such information, it must either report your accounts as belonging to a foreign customer, or contact you and request information/documentation demonstrating where you are resident for tax purposes. If you do not provide the financial institution with information when they request it, the account will be treated as belonging to a foreign customer when reporting to the Norwegian Tax Administration. The account information may then be exchanged with the tax authorities in the country concerned.