Common Reporting Standard (CRS) is a global reporting standard developed by Organization of Economic Co-operation and Development (OECD) for the automatic exchange of financial information among its member countries. The purpose of CRS is to allow tax authorities to get details on financial assets held abroad by the residents of a member country.
CRS is organized based on tax jurisdictions. Reporting financial institutions review their financial accounts to identify reportable accounts by applying due diligence rules and then report the relevant information. A Reportable Jurisdiction is a jurisdiction with which an agreement is in place for automatic exchange of information under the reporting standard.
This chapter contains the following sections:
This section contains the following topics:
You can define jurisdictions and their participating countries using CRS Jurisdiction Maintenance screen. You can invoke this screen by typing ‘STDJSMNT’ in the field at the top right corner of the Application tool bar and clicking the adjoining arrow button.
You can specify the following details in this screen:
Jurisdiction Code
Specify the jurisdiction code.
Jurisdiction Description
Give a brief description for the jurisdiction code.
CRS Participant
Check this box to indicate that the jurisdiction is a CRS participant.
Country Code
Specify the country code that is part of the jurisdiction. Alternatively, you can select the country code from the option list. The list displays all valid options.
Country Description
The system displays the country code description.
You can view the CRS Jurisdiction details maintained in the ‘CRS Jurisdiction Maintenance’ screen using the ‘CRS Jurisdiction Maintenance Summary’ screen. You can invoke this screen by typing ‘STSJSMNT’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
In the above screen, you can base your queries on any or all of the following parameters and fetch records:
Select any or all of the above parameters for a query and click ‘Search’ button. The records meeting the selected criteria are displayed.
This section contains the following topics:
All CRS common parameters for a jurisdiction can be maintained in CRS Bank Parameters screen. This is a jurisdiction wise maintenance. If the bank belongs to one Jurisdiction, then maintenance is done for that jurisdiction. If a bank has branches that belongs to more than one jurisdiction then you should maintain CRS Bank Parameter multiple times depending on the number of jurisdictions of a bank.
You can invoke this screen by typing ‘STDCRSPM’ in the field at the top right corner of the Application tool bar and clicking the adjoining arrow button.
You can specify the following in this screen:
Bank Code
The system displays the bank code.
Home Jurisdiction
Specify the home jurisdiction. Alternatively, you can select the home jurisdiction from the option list. The list displays all valid values.
Home Jurisdiction Description
The system displays the home jurisdiction description.
CRS Participant
Check this box to indicate that the bank is a CRS participant.
Reportable Confirmation Required
Check this box to indicate that confirmation is required to change the status to reportable.
Employer Identification Number
Specify the employer identification number of the bank.
Responsible Officer Name
Specify the responsible bank officer’s name.
Responsible Officer Telephone
Specify the responsible officer’s telephone number.
Responsible Officer Email ID
Specify responsible officer’s e-mail ID.
CRS Customer Type
Select the CRS customer type for which the maintenance is done from the drop-down list. The list displays the following options:
Existing Customer
Check this box to indicate that the customer is an existing customer.
Threshold is maintained for CRS customer type. During customer due diligence, if customer's balance is less than or equal to the threshold amount, the customer is considered to be in Low-Value Exempt and is not reported in the CRS.
Threshold Currency
Specify the currency in which threshold amount is defined. Alternatively you can select the threshold currency from the option list. The list displays all valid options.
Threshold Amount
Specify the threshold amount.
You can maintain the list of mandatory documents required under OECD-CRS:
Category
Specify the category of the document. Alternatively, you can select the document category from the option list. The list displays all valid options.
Type
Specify the type of the document.
Verification Limit in Days
Specify the number of days before which the document should be submitted once requested.
Account Class
Specify the account class which has to be excluded for CRS income calculation. Alternatively, you can select the account class from the option list. The list displays all valid account classes.
Account Class Description
The system displays account class description.
You can view the CRS Bank Parameters maintained in the ‘CRS Bank Parameter’ screen using the ‘CRS Bank Parameters Summary’ screen. You can invoke this screen by typing ‘STSCRSPM’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
In the above screen, you can base your queries on any or all of the following parameters and fetch records:
Select any or all of the above parameters for a query and click ‘Search’ button. The records meeting the selected criteria are displayed.
This section contains the following topics:
You can track the CRS status of customers, whose due diligence is already done by the system, along with the customer’s reportable jurisdiction in the ‘CRS Customer Status’ screen. If due diligence of a customer is done more than once because of any modification on customer, it will list the reportable jurisdictions by reportable date.
You can invoke this screen by typing ‘STDCRSST’ in the field at the top right corner of the Application tool bar and clicking the adjoining arrow button. The reportable jurisdictions displayed cannot be added or removed manually.
You can specify the following in this screen:
Customer No
Specify the customer number.
CRS Customer Type
The system displays the CRS customer type. CRS customer type can be Individual, Financial Entity, Active Non-Financial Entity, and Passive Non-Financial Entity.
CRS Status
Specify the CRS status. Alternatively, you can select the CRS status from the option list. The list displays all valid statuses available. The list of valid statuses are:
Jurisdiction
The system displays the jurisdiction code to which the customer is reportable.
Reported By
The system displays the person because of whom the customer has become reportable. The values can be the following:
Reported Reason
The system displays the reason why this customer became reportable for the Jurisdiction. The values can be:
Reported Date
The system displays the date on which due diligence was done on the customer.
TIN EIN
The system displays the tax identification number (TIN).
TIN EIN Country
The system displays the country that issued the TIN.
You can view the CRS Customer Status maintained in the ‘CRS Customer Status’ screen using the ‘CRS Customer Status Summary’ screen. You can invoke this screen by typing ‘STSCRSST’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
In the above screen, you can base your queries on any or all of the following parameters and fetch records:
Select any or all of the above parameters for a query and click ‘Search’ button. The records meeting the selected criteria are displayed.
This section contains the following topics:
You can maintain intra day batch called pre-existing customer batch (STBCOCRS) to run due diligence on already existing customers of a branch.
The pre-existing customer batch performs the following:
You can maintain an end of day batch called New/Modified Customers batch (STBINCRS) to run due diligence on all new and modified customers of the branch.
The new/modified customer batch performs the following:
You can maintain Extract batch (STBEXCRS) to extract the details of all customers who are reportable under CRS. This is an intraday batch and can be run for a Branch. This batch has a two inputs Report From Date and Report To Date. The From and To date can be given from screen Batch EOD Function Inputs (BADEODFE). If From and To Date is not given the reporting period from and to will be fetched from start and end date of Financial Cycle based on the current financial year of the extraction date. Closed customers are not reported as a part of extract batch.
Extraction batch extracts the following data:
Extract batch performs the following: