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Scope of CRS regulations supported in CLM

Updated on February 17, 2022

CLM supports with questionnaires – one for entities and one for individuals – only the determination of the tax status of the customer, which is the steppingstone from which other CRS requirements (for example, reporting) derive.

The questionnaires are prepared based on the Model Competent Authority Agreement (MCAA), which provides not only the legal framework for the exchange of information, but it also defines the information to be transferred, its transfer modalities, and the responsibilities of authorities. Since country tax laws and CRS guidance may modify aspects of the customer onboarding and review process, financial institutions must ensure that they are complying with all relevant local laws and CRS requirements and therefore they need to configure the questionnaires accordingly.

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