CRS
Common Reporting Standard regulation.
Definition
CRS (Common Reporting Standard) is the OECD counterpart of FATCA, published in 2014. Near 120 jurisdictions commit to automatically exchanging (AEOI) information on financial accounts held by non-residents. CRS XML Schema v2.0 maintained by OECD.
Origin
Published by OECD in July 2014, first effective exchanges in September 2017 between 49 early-adopter jurisdictions.
Example in context
A Swiss bank sends its CRS XML file to the Swiss tax authorities (AFC), which transmit to 100+ AEOI partners.