The Common Reporting Standard (CRS) is based in large part on the Model 1 FATCA IGA and you will recognize many common elements between FATCA and the CRS. However, there are also a number of critical changes across the requirements. Complexity arises in the cross-border identification, classification and reporting of customer accounts.

Not only does a financial institution need to be able to identify the tax residence of each and every one of its customers, it has to be have the ability to report the necessary information to the relevant tax authority. CRS has arrived at a time when financial institutions already face a range of significant economic and regulatory challenges, testing many financial institutions capability and capacity to deliver.

The OECD approved format for exchange of CRS data between participating jurisdictions is the CRS XML schema. The CRS XML schema has been designed so that it can also be used for domestic CRS reporting, if implementing jurisdictions so choose.

We offer different solutions, operating on a spectrum from simply conversion to full solution implementation.