Any financial institution, resident in a Common Reporting Standard (CRS) participating jurisdiction will be required to carry out the due diligence processes for identifying reportable accounts held by a reportable jurisdiction person* and to report certain financial information to its local tax authority.
Financial institutions will generally be required to ask the person opening the account to certify their residence using a CRS Self Certification form in addition to their standard due diligence procedure.
*please check your entity’s jurisdictional specific list of reportable jurisdictions as published by your tax authority.
