Common Reporting Standard
Helping you meet your reporting obligations
CRS is a set of global standards for the automatic exchange of financial account information which impacts on the information gathered from every investor and account holder.
CRS is designed to support and give effect to the Automatic Exchange of Information (AEOI) which is a globally coordinated standard inhibiting offshore tax avoidance and evasion; it does however mean that there is a major increase in reporting requirements.
WestBayFG can help assist in making this process hassle free and help funds prepare to comply with CRS obligations.
- Applying new account opening procedures,
- Performing detailed due diligence reviews to determine single and multiple tax residencies,
- Contacting pre-existing investors where there is insufficient data to determine tax residency, and
- Reporting on all accounts held by a reportable individual or entity (plus accounts that are classified as undocumented).