CRS Function Procedures Singapore - CRS Solutions

CRS Procedures and Processes

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

Read more about common reporting standard

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