Common Reporting Standard (CRS) services

The OECD’s CRS governs the exchange of information between financial institutions and local tax authorities. Fines and other penalties for non-compliance can include personal liability. 

TMF Group’s comprehensive CRS classification, due diligence and reporting services – delivered through our global network of local experts – can support any aspect of CRS compliance or complete all of your CRS obligations.

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What is CRS?

CRS, Common Reporting Standard, has a similar purpose to FATCA – to make sure tax authorities receive annual reports on the foreign financial accounts and assets held by their own taxpayers.

So-called ‘reporting financial institutions’ must make annual submissions of financial account information to 100 or so participating tax authorities.

CRS defines what, how and by whom the information must be reported, which accounts are affected and the due diligence procedures to be followed.

Non-compliance can mean fines and other penalties. Managers, directors, trustees and other corporate officers can be held personally liable.

Classification

Companies must determine for themselves whether they qualify as a ‘reporting financial institution’ or fall into some other CRS category. TMF Group’s CRS classification service uses the OECD’s own global standards to do this job quickly, cleanly and reliably.

Onboarding new accounts

New accounts must be vetted using strict CRS-defined due diligence procedures. We support clients at every stage: helping them identify, collect and review their account holders’ documentation, analysing inconsistencies in the information, and then helping their account holders correct any deficiencies.

Due diligence

Existing accounts must be monitored systematically for ‘changes in circumstance’. Again, we can help at every stage of CRS due diligence: collecting account holders’ revised self-certification documentation and recording their new CRS status within the required timeframe.

Reporting

Every reporting financial institution must make an annual CRS disclosure to its local tax authority. We can take on CRS reporting on our clients’ behalf, preparing and transmitting all of the information needed in a timely way and in full accordance with the CRS regulations.

One world of local service

TMF Group is an independent global multinational with some 7,800 in-house experts across 120 offices covering 80-plus jurisdictions. Together we deliver a broad portfolio of consistent, integrated but localised services covering the business administrative essentials of accountancy and tax, HR administration, global payroll and employee benefits, and global entity management, corporate secretarial and regulatory compliance.

Rapid response consultancy solutions support cross-border projects large and small, at every stage, across all our disciplines, and in every market.

Specialised teams support fund and capital markets administration and private wealth and family offices.

Because we know how to unlock access to some of the world’s most attractive markets – no matter how complex – swiftly, safely and efficiently, more than 60% of the Fortune Global 500 and FTSE 100, and almost half the top 300 private equity firms, use us.

So, whether you are operating across one border or many, with a handful of staff or several thousand, we have all the flexible, coordinated, business-critical support you need to open up in new markets, build strong businesses and stay nimble, efficient and in good standing everywhere.