Common Reporting Standard (CRS)
CRS seeks to establish the country of tax residence
CRS draws extensively on the international progress of the Foreign Account Tax Compliance Act (FATCA) and seeks to determine the country of tax residence of any Financial Account Holder.
This is achieved by stringent reporting obligations for financial institutions and participating jurisdictions to establish the country (or countries) of tax residence of any person or company that maintains assets and financial accounts in these jurisdictions with them.
Standard Chartered (the Bank) must comply with the requirements of CRS and is committed to increasing awareness of those requirements to the Bank’s clients.
Take a look at the questions below to understand how CRS may affect you or your business.
- What is CRS?show/hide
CRS is a global standard for the automatic exchange of financial information between jurisdictions that have agreed to adopt it. The OECD introduced CRS in order to combat tax evasion and to improve cross-border tax compliance. Generally, it came into effect for early adopter jurisdictions on 01 January 2016 and in late adopter jurisdictions on 01 January 2017.
- Why is the Bank complying with CRS requirements?show/hide
CRS is a client tax information transparency regime that requires financial institutions to report on a person or company’s country (or countries) of tax residence. Each participating jurisdiction is expected to enact these CRS requirements into local legislation, so as to make it mandatory for financial institutions to comply with the regulations.
- Why is the Bank asking for CRS forms from you?show/hide
Compliance with CRS may require the Bank to collect certain documentation from you, as the Bank’s client, in order to establish your country (or countries) of tax residence.
CRS may impact your banking experience with us based on the following factors:
The type of account you hold with the Bank;
The countries where you or your business has a relationship with the Bank;
Your country or countries of tax residence.
Where CRS reporting obligations arise, the Bank may be further obliged to report information regarding financial accounts held by you to the designated local tax authority in accordance with local legislation of the participating jurisdiction where the financial account is maintained. The local tax authority may exchange this information with the tax authority of another country in accordance with relevant laws.
- What can you expect as a result of this regulatory obligation?show/hide
The Bank will reach out to clients to confirm their country (or countries) of tax residence and to provide the Bank with the relevant CRS forms. Further, where circumstances require, the Bank may need additional information and documentation from you. This includes, in some cases, the submission of a new CRS form by you, even if you have submitted such a tax form to the Bank in the past.
It is important to highlight that the Bank may be obligated, in certain instances, to decline any requests for new accounts, close your existing account(s) with the Bank, and/or decline to enter into any further transaction for existing clients who do not provide completed CRS forms and applicable tax documentation. Generally, all new clients are expected to provide CRS forms to open any new financial account with the Bank.
Therefore, you may be required to provide to us the valid details and documentation to establish your country (or countries) of tax residence by providing one or more of the following CRS forms in the next section.
Links to the relevant forms are available below.
Please complete the form that is most appropriate to you. Once completed, please return the CRS form(s) to your Relationship Manager or at one of the Bank’s branches in original or copy together with any supporting documents (as indicated on the relevant Form and its accompanying instructions).
- CRS self certification formsshow/hide
Individual and Sole Proprietor
Form (instructions included) Purpose Self Certification Form - Individual (English Version) Provided by certain individual and sole proprietor clients. This is relevant across all countries and banking segments.
Form (instructions included) Purpose CRS Self Certification Form - Entity (English Version) Provided by certain entity clients. This is relevant across all countries and banking segments.
For assistance in determining your US tax status or in completing the relevant tax forms, please visit the OECD’s CRS webpage or seek professional tax advice or legal counsel. Neither we, nor any of our employees, will be able to assist in these matters.
Please note that nothing on this page constitutes tax advice and you are encouraged to seek professional counsel before providing us with a completed CRS form. The Bank is unable to accept responsibility if the incorrect form is completed or if there are errors on the submitted form.
The Bank’s compliance with CRS in each country will be in accordance with any bilateral or multilateral Competent Authority Agreement (CAA) between participating jurisdictions for the purposes of CRS and in accordance with local legislation.
Our standards and policies
We challenge how our customers operate by ensuring the projects we finance meet key standards.
We have 6 committees in total, responsible for various areas of the Bank.
Get definitions of key CRS terminology.