OECD CRS Tax Reporting Standard

The OECD Common Reporting Standard (CRS), developed in 2014 by the Organisation for Economic Co-operation and Development, sets the global framework for the automatic exchange of financial account information between jurisdictions. It is designed to combat offshore tax evasion and enhance tax transparency.Under the CRS, financial institutions are required to collect and report information about accounts held by non-resident individuals and entities to their local tax authorities, which is then shared with the tax authorities of the relevant jurisdictions. The CRS applies to banks, custodians, insurance companies, and investment entities operating in participating countries. Over 110 jurisdictions have committed to implementing the CRS as of 2025.