The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

As of date, more than a 100 countries are participating in CRS and have committed to exchange information. For a complete and up to date list of participating countries, please refer to the relevant OECD website under Common Reporting Section.

IMPACT TO GIB AND OUR CUSTOMERS

All financial institutions in participating jurisdictions, including our institution are required to be compliant with the CRS and to collect certain additional information from our customers to determine your tax residency status and in certain circumstances based on the type of entity, details of Controlling Persons are also required.

Financial Institutions are then required to report certain information to the local tax authority who will exchange information with the tax authorities in participating countries.

Depending on the information we already hold, we may contact you to provide a self-certification of your CRS status including information on Controlling Persons of your entity, as applicable per CRS.