CRS Compliance
What is CRS Compliance? The Common Reporting Standard (CRS) is a global information-gathering and reporting framework developed by the OECD to combat tax evasion and enhance cross-border tax transparency.
CRS requires financial institutions in participating jurisdictions to identify and report financial accounts held by non-resident individuals and entities, with information automatically exchanged between tax authorities through agreements.
As the financial landscape has evolved, so too has CRS. CRS 2.0, introduced in 2023, is now in force and applies to reporting in 2027 onward, closing gaps in data quality, due diligence, and digital financial products.
Do you need to address your CRS compliance?
CRS compliance is no longer a static obligation. Financial institutions now face heightened regulatory scrutiny, jurisdiction-specific enforcement, increased penalties for inaccurate or incomplete data, and greater focus on audit readiness and data lineage.
Is Compliance With CRS Mandatory?
CRS compliance is a legal requirement in all participating jurisdictions for financial institutions. Where valid CRS self-certification information is not obtained or cannot be verified, institutions may be required to treat accounts as reportable.
CRS 2.0: What Has Changed?
The OECD has published new requirements for CRS 2.0, introducing several new reporting requirements that financial institutions must incorporate into their onboarding and reporting processes. These new data points include:
- Valid self-certification status: Whether the account holder has provided a valid CRS self-certification.
- Joint account holder count: If the account is jointly held, the number of holders must be reported.
- New vs. pre-existing account: Institutions must identify whether the account was opened before or after the effective date.
- Account type: Classification of the account (e.g., Depository, Custodial, Insurance Contract, Equity/Debt Interest).
- Role of reportable persons in investment entities: Including whether the individual is a controlling person or holds an equity interest.
Manage the increased risk of CRS compliance
Local tax authorities are conducting deeper reviews of CRS processes, data quality, and documentation controls.
- TAINA delivers a seamless, end-to-end CRS and FATCA compliance process, automating everything from client onboarding through to reporting readiness.
- TAINA enables financial institutions to automate their CRS operating model, reducing operational risk, lowering compliance costs, and strengthening audit readiness under CRS 2.0.
Revolutionize your CRS compliance
Minimize the risk caused by disparate systems that don't talk to each other. TAINA will easily integrate all legacy systems to create a seamless end to end CRS validation process.
- Save 75% of your time on processing CRS forms
Improve your customers experience of CRS forms
Streamline your online onboarding experience with simple and intuitive CRS forms that will ensure qualiry CRS data on onboarding that will lead to quality CRS output for reporting. Provide your customers with real-time validation on CRS forms to reduce error rates and delays in response.
- Reduce going back and forth with customers for CRS forms by 85%
- Save your customer 63% of their time on completing tax forms with a 'no tax form' customer journey
Automate your CRS compliance
Increasing complexity of CRS compliance have escalated rates of manual inputs and human error and have increased the cost of CRS compliance. Save costs by eliminating duplicated processes and missing technology and deploying an efficient, fully automated CRS operating model.
