Account categories and the first cycle
New accounts are those opened from 1 January 2017; pre-existing accounts are maintained as at 31 December 2016. Annex A sets September 2018 for new accounts and high-value individual accounts, with lower-value individual and entity accounts exchanged by September 2018 or 2019 depending on identification. These are original implementation dates, not current onboarding deadlines. Singapore’s custodial gross proceeds for South African accounts start with 2018 data; other reportable 2017 information remains in scope.
Ongoing exchange and protection
The Convention-based mechanism exchanges annual CRS holder and controlling-person data, balances and specified payments within nine months after year-end when domestic laws support reporting. Authorities arrange XML transmission, notify errors and address non-compliance domestically. Safeguard breaches are notified immediately; confidentiality continues after termination. A Singapore financial institution uses IRAS registration and reporting channels, validates tax-residence evidence and follows current reporting-year requirements rather than relying on the completed original transition.
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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