Introduction to CRS Reporting

The UK Common Reporting Standard (CRS) is a set of guidelines for the automatic exchange of financial account information between countries, developed by the Organisation for Economic Co-operation and Development (OECD). The CRS is designed to combat tax evasion by making it easier for governments to identify and track offshore financial assets.

Under the CRS, financial institutions, such as banks, must report certain information about their customers to the relevant tax authorities. This includes information such as the account holder's name, address, tax identification number, and the account balance. The information is then shared with other participating countries, allowing them to identify potential tax evaders and take appropriate action.

UK financial institutions are also required to conduct due diligence on new and existing accounts to determine whether the account holder is a non-UK tax resident, and to report any accounts held by non-UK tax residents to HM Revenue & Customs (HMRC).

The CRS is part of a global effort to increase transparency in the financial system and to crack down on tax evasion. Many countries have committed to implementing the CRS and to automatically exchanging information with other participating countries.

This module is an extension of the CRS reporting modules in Regulatory Compliance to fulfil the UK requirements. It generates the Common Standard Report based on the UK CRS specifications and submit it to the regulatory.

Click here to understand the terms and abbreviations used in describing this module.