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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