Under the CRS, Al Rayan Bank is required to identify customers who are tax resident in a participating country. If you are tax resident outside the country where you bank then we may be required to provide details, including information relating to your accounts, to the national tax authority in the country where the account is held.

You can find out more about Common Reporting Standards (CRS) via the following websites:

• HMRC’s website
• Organisation for Economic Cooperation and Development (OECD) website

It is important to note that Al Rayan Bank cannot provide help or advice to customers on CRS or any other tax related matter. Should you wish to seek such advice, we recommend consulting an independent tax advisor.

FATCA was introduced by the United States (US) Internal Revenue Service (IRS) to identify US persons, both individuals and entities, who have US tax obligations to report their worldwide income on an annual basis, regardless of whether or not they currently reside in the US.

FATCA requires global financial institutions such as Al Rayan Bank to identify all reportable US persons within their client base and provide information on such accounts to the appropriate tax authorities.

The reports are submitted by the UK tax authority to the US IRS through the provisions of an Intergovernmental Agreement (IGA) in place. 

Under Foreign Account Tax Compliance Act (FATCA), Al Rayan Bank is required to identify customers who have a US connection. If you are tax resident outside the country where you bank then we may be required to provide details, including information relating to your accounts, to the national tax authority in the country where the account is held.

You can find out more about Foreign Account Tax Compliance Act (FATCA) via the following websites:

• HMRC’s website
• IRS website

It is important to note that Al Rayan Bank cannot provide help or advice to customers on FATCA or any other tax related matter. Should you wish to seek such advice, we recommend consulting an independent tax advisor.

A “TIN” is a ‘Taxpayer Identification Number’ or a functional equivalent. It a unique combination of letters and/or numbers assigned by a jurisdiction to an individual or an entity and is used to identify the individual or entity for the purposes of administering the tax laws in that jurisdiction.

The United Kingdom issues two TIN-like numbers: (a) The Unique Taxpayer Reference (UTR) which is a unique set of 10 numerals allocated automatically by HMRC to both individuals and entities who have to submit a tax return. (b) The National Insurance Number (NINO) which consists of two letters, six numbers and a suffix letter A, B, C or D (for example DQ123456C). All individuals living regularly in the United Kingdom are either allocated or can be issued with a NINO.

If you're an existing customer and you haven't provided us your up to date tax-residency details, we may be obliged to report certain information on your account(s) periodically to the relevant tax authorities. This will be based on the information we hold about you and may not be correct for the purposes of tax residency.

The death of someone close is always a difficult time. Dealing with practical matters and making important financial decisions can seem overwhelming when you’re experiencing grief. We’re here to support you through the steps and decisions you will have to make. 

Visit Dealing with bereavement to find out you need to do next.

Once we have received the correct documentation, the account will be closed and the balance will be released within 3-5 working days.

If you have already paid the funeral bill from your own account, we may be able to reimburse you once we have seen the death certificate, the funeral bill and proof of payment.

If sufficient funds are not available, we can make a partial payment, to the value of the funds held, with written confirmation from the Personal Representative(s).

To release funds for a funeral which has not yet been paid for, we need to see the death certificate and an invoice from the funeral director. These documents can be original or certified to AlRayan Bank document certification standards.

Once we have been notified of the death, no credits will be accepted into a sole account. Joint accounts will remain active.

Going through financial difficulties can be really worrying. Changes in circumstances which are outside of your control, such as redundancy or illness can leave you struggling financially. Things can often return to normal, but ignoring financial issues can make them worse. If your circumstances have changed and you are worried about money, it’s important that you take action straight away.

If you are an Al Rayan Bank customer, please call us so we can help you find a solution for your individual financial needs.

Call us on 0800 4086 407.

More information

If you are being subjected to financial abuse, help is available. Please see Where to get support for information about organisations which can assist you. If you need to update your accounts with AlRayan Bank because of financial abuse, please call us on 0800 408 6407*

* Monday to Friday from 9.00am to 5.00pm.

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