As a platform operated by a Singapore financial institution, iSTOX is required to conduct due diligence to identify the tax residence of our account holders. If you are a tax resident in a country with which Singapore has signed an agreement to exchange financial account information, we have to disclose relevant financial account information of account holders to the Inland Revenue Authority of Singapore (IRAS) under the Common Reporting Standard (CRS). IRAS would, in turn, exchange the information with the tax authorities of the participating jurisdictions where account holders are tax residents.
Similarly, iSTOX is required to document that an account holder is the beneficial owner of the income and is not a U.S. person (via W-8BEN for individuals) to IRAS under the Foreign Account Tax Compliance Act (FATCA). IRAS would, in turn, transmit the information to the U.S. Internal Revenue Service.
You may refer to IRAS website for more information on CRS and FATCA requirements for tax purposes.