The extended reach of the CRS
Ashley Fife and Georgia Fotiou examine proposed changes to the Common Reporting Standard and the likely impact on trusts
Key points
What is the issue?
The OECD proposes to amend the Common Reporting Standard (CRS) to expand its scope to entities with accounts containing crypto‑assets, to further align CRS due diligence with the Financial Action Task Force’s Recommendations and increase the usability of information reported.
What does it mean for me?
Practitioners will need to be aware of the changes, which will impact on their due‑diligence procedures and the information they report.
What can I take away?
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