Common Reporting Standard (CRS) Glossary Terms

                                          

Account Holdershow/hide

The term ‘Account Holder’ means the person listed or identified as the holder of a Financial Account. A person, other than a Financial Institution, holding a Financial Account for the benefit of another person as an agent, a custodian, a nominee, a signatory, an investment advisor, an intermediary, or as a legal guardian, is not treated as the Account Holder. In these circumstances that other person is the Account Holder.

For example in the case of a parent/ child relationship where the parent is acting as a legal guardian, the child is regarded as the Account Holder. With respect to a jointly held account, each joint holder is treated as an Account Holder.

Change-in-Circumstancesshow/hide

A Change-in-Circumstances refer to a change on a client banking profile which impacts one or more of the CRS Indicia data indicators.

Competent Authority Agreement (CAA)show/hide

In general, a Competent Authority Agreement is a bilateral agreement between two jurisdictions to clarify or interpret CRS treaty provisions

Controlling Personshow/hide

The natural persons who exercise control over an Entity. In the case of a trust, such term means the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies), or class(es) of beneficiaries, and any other natural person(s) exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions.

The term 'Controlling Person' shall be interpreted in a manner consistent with the Recommendations of the Financial Action Task Force.

Financial Accountshow/hide

A Financial Account is an account maintained by a Financial Institution and includes: Depository Accounts; Custodial Accounts; Equity and Debt Interest in certain Investment Entities; Cash Value Insurance Contracts; and Annuity Contracts.

Financial Institutionshow/hide

Any of the following: a

  • A Depository Institution;

  • A Custodial Institution;

  • An Investment Entity; or

  • A Specified Insurance Company.

International Organisationshow/hide

Any international organisation or wholly owned agency or instrumentality thereof. This category includes any intergovernmental organisation (including a supranational organisation).

  • that is comprised primarily of governments;
  • that has in effect a headquarters or substantially similar agreement with the jurisdiction; and
  • the income of which does not inure to the benefit of private persons.
Participating Jurisdictionshow/hide

A jurisdiction:

  • with which an agreement is in place pursuant to which it will provide the specified information under CRS; and

  • which is identified in a published list.

Reportable Accountshow/hide

A Reportable Account is a Financial Account that is maintained by a Reporting Financial Institution and that, pursuant to due diligence procedures consistent with CRS, has been identified as an account that is held by one or more persons that are Reportable Persons with respect to another Jurisdiction or by a Passive NFE with one or more Controlling Persons that are Reportable Persons with respect to another Jurisdiction.

Reportable Client Informationshow/hide

Reportable Client Information refers to the account-level data which the Bank needs to report to the appropriate authority as part of the CRS requirements; this generally includes but is not an exhaustive list:

  • Taxpayer Identification Numbers (TIN)
  • Aggregate Account Balances;
  • Client Name;
  • Client Permanent Address.
Reportable Jurisdictionshow/hide

A Reportable Jurisdiction is a Participating Jurisdiction with which an obligation to provide financial account information is in place.

Reportable Personshow/hide

A Reportable Jurisdiction Person other than:

  • a corporation the stock of which is regularly traded on one or more Established Securities Markets;
  • any corporation that is a Related Entity of a corporation described in clause (1);
  • a Governmental Entity;
  • an International Organisation;
  • a Central Bank; or
  • a Financial Institution.
Taxpayer Identification Numbershow/hide

Taxpayer Identification Number or a functional equivalent in the absence of a TIN. A TIN is a unique combination of letters or numbers assigned by a jurisdiction to an Individual or an Entity and used to identify the Individual or Entity for the purposes of administering the tax laws of that jurisdiction.

Read further details on the OECD website

Some jurisdictions do not issue a TIN. However, these jurisdictions often utilise some other high integrity number with an equivalent level of identification (a ‘functional equivalent’).

Examples of that type of number include, for individuals, a social security/insurance number, citizen/personal identification/service code/number, and resident registration number.