Who needs CRS reporting?


Friday, January 22, 2021 | 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 reportable jurisdiction person* and to report certain financial information to its local tax authority. 

Financial institutions will generally be required to ask the person opening the account to certify their residence using a CRS Self Certification form in addition to their standard due diligence procedure. 

*please check your entity’s jurisdictional specific list of reportable jurisdictions as published by your tax authority. 

 

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