Common Reporting Standard: What Late Adopters Can Learn From Early Adopters (Part 1)

The Common Reporting Standard (CRS) is being introduced across more than 100 countries, but not all jurisdictions are equally up to speed. We set out to discover how the experiences of the first wave could help late adopters when introducing CRS in their countries.

Stay tuned: Look for the second part of this article on 20 November and watch our on-demand webinar now to learn more.

Who has to report?

The legislation covers four categories of reporting financial institutions:

1. Custodial institutions,
2. Depository institutions,
3. Investment entities, and
4. Specified Insurance Companies

Leila Szwarc, Global Head of Compliance & Regulatory Services at TMF Group points out, "Every country will have their own local guidelines and local implementation rules. Therefore, when we are classifying an entity under CRS we need to take into consideration the local legislation of that jurisdiction."