CRS procedures and Process

A well designed and well run CRS function would include operationalizing the following CRS Procedures and Processes:

• CRS REGISTRATION
• DUE DILIGENCE PROCEDURES FOR PRE-EXISTING FINANCIAL ACCOUNTS
• DUE DILIGENCE PROCEDURES NEW FINANCIAL ACCOUNTS
  
• CHANGE IN CIRCUMSTANCES PROCEDURES FOR ACCOUNT HOLDERS
  
• PROCEDURES TO DETERMINE DEBT AND EQUITY INTERESTS
• PROCEDURES TO DETERMINE CRS STATUS OF ACCOUNT HOLDERS
  
• PROCEDURES TO DETERMINE CONTROLLING PERSONS OF ENTITY ACCOUNT HOLDERS
  
• PROCESSING OF INFORMATION TO DETERMINE REPORTABLE FINANCIAL ACCOUNT INFORMATION
  
• PREPARATION OF REPORTING SCHEMA
• ENCRYPTION
  
• UPLOADING OF REPORTING FILES
  
• RESPONDING TO QUERIES FROM VARIOUS TAX AUTHORITIES VIA IRAS