The Common Reporting Standard (CRS), developed by the Organisation for Economic Cooperation and Development (OECD), draws extensively on the United States Foreign Account Tax Compliance Act (FATCA). It is a global tax transparency regime that seeks to combat tax evasion.
It involves financial institutions collecting information about their clients and reporting this information annually to the relevant tax authorities. The tax authority may then exchange this information with the tax authorities of other jurisdictions (following any laws that apply).
We're committed to complying with the regulations under the CRS.
CRS Overview More information on CRS
The CRS is a global standard for the automatic exchange of financial information between jurisdictions. The OECD introduced the 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 from 01 January 2017.
The CRS is a client tax information transparency regime that requires financial institutions to report to their local tax authority certain information regarding accounts held by individuals or entities that are tax resident in countries that have implemented the CRS. The Bank is required by law to comply with the CRS in all jurisdictions in which it operates, and where the CRS is in effect.
Compliance with the CRS may require us to collect certain documentation from you, as our client, in order to establish your country (or countries) of tax residence.
The CRS may impact your banking experience with us based on the following factors:
- The type of account you hold with us;
- The countries where you or your business has a relationship with us;
- Your country or countries of tax residence.
You may be requested to provide us with a CRS form(s) to confirm your country (or countries) of tax residence. Further, where circumstances require, we may request additional information and documentation from you. This includes, in some cases, a new CRS form, even if you have submitted a form to us in the past. Generally, all new clients are expected to provide a CRS form to open any financial account with us.
If you do not provide a CRS form to us, we may, in certain circumstances, decline any requests for new accounts, decline to enter into any further transaction with you, and/or close your existing account(s) with us.
Where the CRS reporting obligations arise, we may be further obliged to report information regarding financial accounts held by you to the local tax authority in the jurisdiction in which the financial account is maintained. The local tax authority may then exchange this information with the tax authority of any country in which you are tax resident, in accordance with relevant laws.
downloads CRS form downloads
Please refer to our overview of the Self-Certification and U.S. Tax forms. Links to the forms are available below.
Please complete the form that is appropriate to you. Once completed, please submit 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).
Nothing on this page constitutes tax advice. It's your responsibility to provide us with accurate tax information. For assistance in determining your country (or countries) of tax residence or in completing the relevant tax forms, please visit the OECD’s CRS webpage or seek professional tax advice or legal advice. Neither the Bank, nor any of the Bank's employees, are able to assist in these matters.