This module will not be further enhanced. Support is limited to defect fixing only.

Introduction to CRS Additional Data

Common Reporting Standards (CRS) additional data as per standards defined by Inland Revenue Department of Hong Kong.

This feature provides only the additional data required and not the actual reporting. XML extraction is as per core. Third party reporting system would be requried for further formating (if applicable) and reporting to authority.

CRS is a regulatory reporting adopted widely by the central banks across the globe and aims at gathering information from the financial institutions and helping them fight against tax evasions and thus, protect the sanity of the tax systems.

Banks are required to identify and report customers who could tax residents outside the country and hold accounts and deposits. The balances held by such customers across their accounts are computed and consolidated for the purpose of reporting.

This functionality allows banks to identify the reportable customers’ base and consolidate their balances for the purpose of CRS reporting as required by the local regulations in Hong Kong.

The CRS report base is the central file from which the final XML report gets generated. The functionality allows the users to modify the records from this application prior to the report generation. The amendment of such records in the live application is possible through the suitable input into the CRS.BASE.MANUAL.UPDATE application.