Tax Identification Number (TIN)
Overview
A Tax Identification Number (TIN) is a unique identifier assigned by tax authorities to individuals and entities for reporting and compliance. Examples include SSN in the US, PAN in India, and NIF in Spain. In financial services, TINs are crucial for KYC, AML, and FATCA/CRS reporting.Institutions collect TINs to identify customers, verify tax residency, and fulfill cross-border reporting obligations. Regulators mandate TIN verification to ensure transparency and reduce tax evasion. Automated systems cross-check TINs against government databases or tax registries.Regulators mandate TIN verification to ensure transparency and reduce tax evasion. Automated systems cross-check TINs against government databases or tax registries. Protecting TINs from misuse is critical, as they are sensitive identifiers often targeted in identity theft and fraud.
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Related Terms
FAQ
What is a TIN used for?
For tax reporting, cross-border compliance, and customer identification.
Why is it required in KYC?
To verify tax residency and prevent evasion or regulatory breaches.
How is it verified?
Against tax authority databases or authorized registries.
What are the risks?
Identity theft and fraud if TIN data is mishandled.