Tax Regulations
Common Reporting Standards (CRS) Overview
To help fight against tax evasion and protect the integrity of the tax laws in various countries, a number of foreign governments have adopted a new tax initiative known as the Common Reporting Standard (the “CRS”). The CRS was developed by the OECD (http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/) for adoption and implementation by these governments. Under the CRS, financial institutions, including our affiliated entities that are regulated, are required to determine the CRS reporting status if its account holders generally by collecting a completed a CRS Self-certification from holders of bank deposit accounts maintained in a CRS Participating Country.
Foreign Account Tax Compliance Act (FATCA)
The Foreign Account Tax Compliance Act (FATCA) is a new U.S. tax law whose objective is to reduce or eliminate U.S. tax evasion by U.S. taxpayers who maintain financial accounts outside the United States or invest offshore through non-U.S. entities. This new law impacts all non-U.S. organizations, including sovereign governments, any integral part thereof, their agencies or instrumentalities, and any wholly-owned entities. This section of the site will introduce you to FATCA and help you furnish the appropriate U.S. tax documentation, even if you have not previously needed to furnish any tax certification to our Group or one of our affiliated entities.