On April 5th, 2018 The OECD released the second edition of the Common Reporting Standard Implementation Handbook. Financial Institutions are encouraged to consult the CRS Implementation Handbook and CRS-related FAQs, which are published on the OECD website as they prepare for reporting: CRS Implementation Handbook 2nd Edition
The Handbook provides 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.
Changes reflected in the second edition of the Handbook offer further guidance on the features of the legal framework of the CRS, data protection aspects, IT and administrative requirements as well as on measure to ensure compliance with the CRS. It also expands the trust section in relation to the identification of Controlling Persons and includes all frequently asked questions in relation to the CRS that have so far been issued by the OECD.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.