CRS
Common Reporting Standard
CRS is a global standard for the automatic exchange of financial account information between tax authorities. It was developed by the OECD to combat tax evasion.
Financial institutions collect and report account data for non-resident customers under CRS rules. It is often compared to FATCA but operates multilaterally.
Related Terms
FATCA
Foreign Account Tax Compliance Act
FATCA is a U.S. law that requires foreign financial institutions to report accounts held by U.S. tax...
KYC
Know Your Customer
KYC is the process financial institutions use to verify the identity of their customers. It's a key ...
Cross-Border Payment
A cross-border payment is a transfer where the payer and payee are in different countries or currenc...
SWIFT
Society for Worldwide Interbank Financial Telecommunication
SWIFT is a global messaging network that financial institutions use to securely transmit information...
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