Client Tax Information and Standard Chartered

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Global focus on tax transparency

With an increasing focus on tax compliance and its regulation across the world, governments, international organisations and financial institutions have taken several significant initiatives to provide greater transparency on client tax information. Although subtle distinctions exist among tax information regimes, the common objective involves combating tax evasion through increased tax transparency aimed at ensuring greater tax compliance.

Standard Chartered (the Bank) are committed to implementing the resulting regulations and increasing awareness of these client tax information regimes to our clients.

Common Reporting Standard

CRS is a global standard for the automatic exchange of financial information between jurisdictions that have agreed to adopt it. The Organisation for Economic Co-operation and Development (OECD) introduced CRS in order to combat tax evasion and to improve cross-border tax compliance. It came into effect in early adopter jurisdictions on 01 January 2016, and in late adopter jurisdictions on 01 January 2017.

Find out more about the regulatory obligations related to CRS

Foreign Account Tax Compliance Act (FATCA)

FATCA is United States (US) legislation aimed at preventing tax evasion by US Persons (which includes companies) through the use of overseas accounts, and improving tax compliance between US and financial institutions/jurisdictions that have agreed to adopt it. FATCA came into effect on 01 July 2014.

Find out more about the regulatory obligations related to FATCA

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