The Common Reporting Standard ("CRS") became effective in over 50 participating jurisdictions in 2016. This will increase to 96+ jurisdictions over the following two years. Implimenting the requirements of CRS as they develop is a large and time consuming task for all organsisations in participating jurisdictions.

CRS is a regulation based on agreements between participating, or partner, jurisdictions. It requires institutions in one jurisdiction to identify and report financial data relating to the accounts they hold for tax residents of a partner jurisdiction to their domestic tax authorities. These will in turn exchange that information with the tax authorities of that partner jurisdiction. Reporting under the CRS will begin in 2017, for the 2016 reporting year, precise arrangements are still being finalised.

With over 90 jurisdictions agreeing to take part the goal is to identify persons who may be evading tax in their country of residence by investing and earning income through financial institutions (FIs) in another jurisdiction. FIs are required to identify and report on all specified persons of each participating jurisdiction. Along with US FATCA and UK FATCA, these regimes are collectively known as Automatic Exchange of Information (AEOI).