CRS Reporting

The Common Reporting Standard (CRS) is a standard that was introduced and developed by the Organisation for Economic Co-operation and Development (OECD) with G20 countries and in close cooperation with the EU for the Automatic Exchange of Information.

Relevant Regulation: Common Reporting Standard (CRS) 

Start date: 1 January 2016

Regulatory Type: Regulatory reporting

Types of firms affected: Firms with reportable accounts such as banks, investment firms, E-Money, Fiduciary providers and others

Supervisory authority: Tax authotities

Frequency of reporting: Yearly

CRS Reporting Service

The Common Reporting Standard (CRS) requires financial institutions to report annually to their local tax authorities information on their clients that are tax residents of other participating jurisdictions to be passed on to their relevant tax authorities.

 

Challenges & Risks

Firms face a number of challenges and risks that need to be addressed in order to proceed with the pertinent submissions before the deadline.

Challenges
Risks
Key Features

MAP FinTech receives reportable information, constructs the CRS annual report, and, for most countries, submits it to the relevant competent authority as prescribed by the relevant provisions of CRS.

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