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.

Our 9,100 experts and 120 offices in 85 jurisdictions worldwide serve corporates, financial institutions, asset managers, private clients and family offices, providing the combination of accounting, tax, payroll, fund administration, compliance and entity management services essential to global business success.

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

Our unique global delivery model, underpinned by our innovative digital platforms, means we can cover sectors as diverse as capital markets, private equity, real estate, pharmaceuticals, energy and technology, with experts on the ground providing local support.

With year-on-year growth averaging 8% since 2013, TMF Group is a trusted and reliable partner. Whether operating across one border or many, with a handful of staff or several thousand, we have the business-critical support you need to expand, operate and grow while remaining compliant, everywhere.

Find out more about our Common Reporting Standard services

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