Common Reporting Standard

The Organisation for Economic Co-operation and Development’s (OECD) Common Reporting Standard (CRS) sets forth a globally-coordinated approach to the disclosure of information regarding income earned by individuals and organisations. CRS is the result of extensive work from the OECD, the G20 and the European Union in the area of automatic exchange of information and anti-money laundering.

CRS 4 Bank of Valletta p.l.c. 58, Triq San Zakkarija, il-Belt Valletta VLT 1130 – Malta Co. Reg. No. C 2833 FATCA and CRS - Glossary draws heavily on the Foreign Account Tax Compliance Act (FATCA) and related Inter Governmental Agreements having acted as a catalyst for the move towards the automatic exchange of information in a multilateral context.

CRS has been live since 1 January 2016 in “early adopters” jurisdictions, among which Luxembourg and Germany, where Financial Institutions have started to collect data on new account opening for the first information exchange in 2017. Other jurisdictions will join CRS with a one year delay, undertaking the first exchange of information in 2018.