Identify accounts through CRS due diligence
Article 6 of the administrative-assistance Convention supports reciprocal exchange. Reportable information includes resident account holders, relevant passive-entity controlling persons, identifiers, account balances or closure and specified payment categories. Institutions resident in one jurisdiction and branches located there are covered under the agreement’s definitions, subject to CRS reporting and exclusion rules. Tax residence, rather than a customer’s mailing preference, determines which partner may receive account data.
Both sides defer the initial gross-proceeds category
The first covered year is 2017, but the agreement excludes custodial gross proceeds from that year in both directions. That category starts with 2018 and subsequent information. Exchanges occur within nine months of calendar year-end when both domestic systems require compatible reporting. The authorities arrange secure XML transmission, investigate notified errors and protect information under Convention confidentiality provisions. Institutions must use their domestic registration and filing channels; the original first-year concession should not be used to omit current-year gross proceeds.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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