Common Reporting Standard on Automatic Exchange of Information
What is Common Reporting Standard (CRS)?
CRS is The Common Reporting Standard on Automatic Exchange of Information. This is a legal framework created by the Organisation for Economic Co-operation and Development with close cooperation with the G20 and EU.
It requires financial institutions to report information (to the appropriate tax administration), about financial assets held on behalf of taxpayers, from jurisdictions with which their tax administration exchanges information. This information is exchanged "automatically" every year.