Trust and fiduciary services provider TMF Group has launched Common Reporting Standard (CRS) services to help financial institutions fulfill increased compliance requirements, as part of the worldwide initiative to reduce tax evasion through the automatic exchange of financial account information.
No two countries are alike, and while the CRS provides a consistent approach to what financial institutions are required to participate; how financial information is represented, the accounts reported on, and due diligence procedures; implementation will vary locally across the different jurisdictions.
