CRS goes live on 1 January 2016
From 1 January 2016, 56 ‘early adopter’ countries will start implementing the new standard for Automatic Exchange of Financial Account Information, the Common Reporting Standard (CRS).
Under CRS, commissioned by the Organisation for Economic Co-operation and Development (OECD), the tax authorities of participating countries will automatically exchange identification and financial information of certain foreign tax residents (individuals and entities).
Financial institutions must obtain information from certain account holders and exchange that information annually with their local fiscal authorities who will in turn exchange that information with partner countries.
The first exchange of information will be in September 2017 for the financial reporting year 2016. This means financial institutions must start collecting data from 1 January 2016, initially on new customers only.
As CRS progresses, we will continue to keep customers informed on the implementation process.
For more details on the implementation timeline and impacted countries, please read our Newsflash CRS live from 1 January 2016.