Frequently Asked Questions – Common Reporting Standard
Standard Chartered (the Bank) is required by law to comply with the requirements of the Common Reporting Standard (CRS) and is committed to increasing awareness of those requirements to the Bank’s clients.
Here are some general FAQs to help you better understand CRS and its potential impact on your banking experience:
- 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 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 for early adopter jurisdictions on 01 January 2016 and in late adopter jurisdictions on 01 January 2017.
- In which countries does CRS apply?show/hide
More than 100 jurisdictions have adopted, or will adopt, the CRS. CRS came into effect on 01 January 2016 in early adopter jurisdictions, except for South Africa where the effective date was on 01 March 2016.
The early adopter jurisdictions in which the Bank operates are
- South Africa;
- South Korea; and
- the United Kingdom.
The effective date for CRS in the late adopter jurisdictions is on 01 January 2017. Some of these late adopter jurisdictions such as Australia, Macao, Malaysia and Pakistan have confirmed that the effective date will be 01 July 2017. Brunei, China, Ghana, Indonesia, Pakistan and Qatar are expected to defer the commencement date as well.
There are 20 late adopter jurisdictions in which the Bank operates, which are:
- Hong Kong;
- Saudi Arabia;
- Turkey; and
- the United Arab Emirates.
The full list of countries that have committed to the implementation of CRS is available on the OECD website.
There may be changes to the effective date based on country announcements, so refer to the OECD website for the latest information.
- How will Standard Chartered collect your tax information and report under CRS?show/hide
Under CRS, financial institutions (FIs) such as Standard Chartered (the Bank) in participating jurisdictions must collect certain information regarding client’s status and country (or countries) of tax residence, and for certain types of entity clients, the country (or countries) of tax residence of the individual(s) who control them.
FIs will report information on financial accounts held by clients who are tax residents in other reportable jurisdictions to the designated local authorities. The information then will be exchanged annually by the local authorities with the designated authorities in each reportable jurisdiction with which a relevant information sharing agreement has been entered. In participating jurisdictions, compliance is mandatory under local law.
- When does CRS reporting begin?show/hide
Generally, financial institutions in early adopter jurisdictions will commence reporting to the local tax authority in March 2017.
In late adopter jurisdictions, reporting will commence in March 2018. The first exchange of information between tax authorities is expected to be in September 2017 for early adopter jurisdictions, and September 2018 for late adopter jurisdictions.
The list of signatories of the CRS multilateral Competent Authority Agreement (CAA) contains the countries and corresponding timelines for the first information exchange.
- What is your reportable information under CRS?show/hide
Generally, the reportable information* includes:
- Country (or countries) of tax residence;
- Taxpayer Identification Number (TIN);
- Date and place of birth (for individuals or Controlling Persons);
- Account number;
- Account balance;
- Certain payments made into the account.
*Note that these may be subject to change under local legislation or guidance.
For a joint account that is held by a reportable person and non-reportable person, the entire account is treated as a reportable account. Reportable information relating to the account and the reportable person will be submitted to the designated local tax authorities in accordance with local legislation.
- How does CRS affect your relationship with the Bank?show/hide
To comply with the obligations under CRS, the Bank may be required to collect certain tax-related information and/or documents from the holders of new and pre-existing accounts. In addition, the Bank may be required to report and share information regarding account holders and their financial accounts with the designated local tax authority where the account is maintained and in accordance with the local legislation.
Specifically, for holders of pre-existing accounts, you may be required to complete an applicable CRS form. You can download these from the Bank’s CRS page.
The CRS forms may also be obtained from:
- a Standard Chartered branch;
- your Relationship Manager (if applicable).
Without a valid CRS form, both new clients and pre-existing clients who wish to open a new financial account with the Bank, may not be able to do so.
You should be aware that in providing the certification, a statement that is false, misleading or incorrect may be regarded as an offence and, therefore may be subject to penalties under relevant law or regulation.
- How should you determine your country (or countries) of tax residence for purposes of CRS? show/hide
There is general information regarding tax residence provided by the Organisation for Economic Co-operation and Development (OECD).
For assistance in determining your country (countries) of tax residence or in completing the relevant CRS forms, please seek professional tax or legal advice. Neither the Bank nor any of its employees are able to assist in these matters.
- What is a Taxpayer Identification Number, and do all countries issue such a number?show/hide
A Taxpayer Identification Number, or TIN, is a unique combination of numbers assigned by a country’s tax authority to a person (individual or entity) and used to identify that person for the purposes of administering the country’s tax laws.
Some countries do not issue a TIN in any situation; such countries include Bahrain, the United Arab Emirates (UAE), and the Cayman Islands. Other countries issue TINs only to entities, but not to individuals; such countries include: Kuwait, Oman, and Qatar. In other countries, whilst TINs may be issued to both individuals and entities, individuals or entities in particular situations may not be issued with a TIN; this is the case in the United Kingdom (UK) and India.
In some countries, another high integrity number with an equivalent level of identification (a functional equivalent) may be used instead of a TIN to identify a particular person.
- For entities, such functional equivalent TIN types include, the Permanent Account Number (PAN) in India, the Unique Entity Number (UEN) in Singapore, and the Business Registration Identity Card Number (BRID) in Hong Kong;
- For individuals, such functional equivalents may include a social security/national insurance number, a citizen/personal identification/service code/number, or a resident registration number
For example, in India, Permanent Account Number (PAN) serves as a TIN for individuals. In the UK, it is the National Insurance Number (NINO), or the Unique Taxpayer Reference (UTR). In Singapore, it is the National Registration Identity Card Number (NRIC), Foreign Identification Number (FIN), Tax Reference Number Assigned by IRAS (ASGD) or the Income Tax Reference Number (ITR). In Hong Kong, it is the Hong Kong Identity Card Number (HKID).
- Will your CRS form expire after it has been submitted to the Bank?show/hide
The CRS form will remain valid unless there is a change in circumstances which affects your tax residence status or where any information provided in the form becomes incorrect. Under this certification, you, as an account holder, must inform the Bank within 30 days of any such change in circumstances.
- What happens if you do not respond to the Bank’s request for tax information under CRS?show/hide
Compliance with CRS is required by law in participating jurisdictions. If you do not respond to the Bank’s request for information, and depending on the details on your record, the Bank may need to treat your account as a reportable account.
- You have previously provided information under the Foreign Account Tax Compliance Act (FATCA). Why is the Bank asking you to provide more information under CRS?show/hide
- What is the difference between CRS and FATCAshow/hide
CRS and FATCA both target offshore tax evasion and require financial institutions to identify clients’ tax statuses, monitor clients for change in circumstances and report clients’ account details, as applicable.
However, FATCA focuses only on tax evasion by US Persons, whilst CRS targets offshore tax evasion based on an account holder’s country (or countries) of tax residence.
- Where can more information on CRS be found?show/hide
Get more information on the CRS from