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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 authorities

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

  • Analysis & interpretation of the requirements, which consist of over 300 pages of guidelines to read
  • More than 65 fields per record to complete
  • Complicated multilevel XML files
  • Different jurisdictions with each posing a different set of challenges

Risks

  • Incorrect completion of CRS reporting
  • Failure to meet the reporting deadline and overall requirements
  • Costly investment in resources to help you file the relevant submissions, which may place a burden on your budget
  • Disruption of your daily operations
  • Incorrect or false submissions that may result in a withholding penalty to specific payments

Key Features

  • Cost-efficient integrated reporting solution provided under a single platform
  • Highly automated and scalable solution that can report as many accounts as you have
  • Multiple reporting health checks for both content and schema and automatic filtering of erroneous entries
  • Automatic conversion of data to XML and separation of files based on tax residency
  • Submissions to various tax authorities worldwide
  • On-going communication with regulators to ensure the system reports reflect regulatory updates and changes
Complyport 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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