On April 5, 2018 the OECD released the second edition of its Common Reporting Standard (CRS) Implementation Handbook (Hereafter: the Handbook). The purpose of the Handbook is to provide practical guidance to assist government officials and financial institutions in the implementation of the CRS and to provide a practical overview of the CRS to both the financial sector and the public at-large.
The first edition of the Handbook was released on August 7, 2015. According to the OECD changes reflected in the second edition of the Handbook provide additional and more up-to-date guidance on certain areas related to the effective implementation of the Common Reporting Standard. This includes revisions to sections pertinent to the legal framework for implementation of the AEOI, data protection, IT and administrative infrastructures as well as compliance measures. The OECD furthermore states that more clarity has been provided in the trust section of the Handbook relation to the identification of Controlling Persons.
Click here to be forwarded to the second edition of the OECD’s Common Reporting Standard (CRS) Implementation Handbook.
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