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