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