Who needs CRS reporting?


Thursday, April 13, 2017 | The ID Register

Any financial institution, resident in a Common Reporting Standard (CRS) participating jurisdiction* will be required to carry out the due diligence processes for identifying reportable accounts held by a participating jurisdiction person and to report certain financial information to its local tax authority.

In relation to new accounts opened after 1 January 2016, the financial institutions will generally be required to ask the person opening the account to certify their residence

For pre-existing accounts opened before 1 January 2016, the general requirement is for financial institutions to use the information they have on file or to use self-certifications to establish whether information about the account holder needs to be reported.

 

*Early adopters countries (reporting start in September 2017): Anguilla, Argentina, Belgium, Bermuda, British Virgin Islands, Cayman Islands, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Jersey, Italy, South Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Turks and Caicos Islands, United Kingdom.

 

Back to Resources