Prevention of Money Laundering

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What is CRS?

In 2014, the Organisation for Economic Co-operation and Development (OECD) developed and approved the Common Reporting Standard (CRS), which aims at automatic exchange of information between national tax administrations on information held by financial institutions on financial accounts of residents of other countries (beneficial owners, interest payments, dividends, account balances, income from insurance products, interest on financial deposits). It provides for the annual exchange of this information on taxpayers of the countries concerned.

More information on CRS can be found on the OECD website https://www.oecd.org/tax.

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