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.

CRS classification, due diligence and reporting with TMF Group

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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.

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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.

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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.

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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.

We make a complex world simple

TMF Group is a leading provider of critical administrative services, helping clients invest and operate safely around the world.

With more than 10,000 colleagues in 125 offices across 86 jurisdictions, all working to the same high standards of service and security, we provide our clients with local expertise where it is needed most. Our locations cover 92% of world GDP and 95% of FDI inflow.

We are a key part of our clients’ governance, providing the accounting, tax, payroll, fund administration and legal entity management services essential to their success. We make sure rules are followed, reputations protected and operational compliance maintained.

Our global service model and technology platform put our clients in control of their portfolio of entities and global locations. The data insights we deliver keep them on top of emerging regulation, the status of their own activity and any points of risk.

We serve corporates, financial institutions, asset managers, private equity and real estate investors, and family offices. Our clients include the majority of the Fortune Global 500, FTSE 100 and top 300 private equity firms. 

Find out more about our Common Reporting Standard services

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