Why you need to know about CRS and FATCA

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The CRS and FATCA classification of an entity, as well as its country(ies) of tax residence, will determine whether an account is considered “Reportable”, as well as whether information relating to the entity’s controlling persons needs to be collected and disclosed to the tax authorities. It is therefore critical that the CRS and FATCA self-certification forms are completed correctly in order to avoid incorrect or unnecessary reporting for the entity and its controlling persons. Additionally, incorrect classification of an entity under CRS and/or FATCA, or no submission of a CRS and/or FATCA self-certification form, may result in prevention of opening new accounts, or even closure or suspension of accounts maintained with FIs, as well as reputational risks for the entity.

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