Common Reporting Standards (CRS)
The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the Organization of Economic Co-operation and Development (OECD) Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. For more information, please click here.
Boslil Bank Limited has issued customized Self-Certification Forms for Entities (CRS-E), Individuals (CRS-I) and Controlling Persons (CRS-CP).
Selected definitions are provided in the appendix to assist with the completion of CRS forms. Please note this document is only for informational purposes.
You may access the required CRS documents using the links below:
Once CRS forms are completed, please print, sign and then send the completed document to your Boslil client relations team.
Frequently Asked Questions
Boslil Bank Limited is required to determine where an entity is ‘tax resident’ (this will usually be where you are liable to pay corporate income taxes). If you are tax resident outside the country where your account is held, Boslil may need to give the national tax authority this information. Furthermore, information relating to your accounts may then be shared with the tax authorities where you are a tax resident.
Completing CRS documentation will ensure that Boslil holds accurate and up to date information about your tax residency. If your circumstances change and any of the information provided in this form becomes incorrect, please inform Boslil immediately and provide an updated Self-Certification form.
Boslil Bank Limited rolled out CRS on April 11, 2018; reporting commenced in September 2018, for the year ended December 31, 2017.
All Boslil clients are required to complete a CRS self-certification form.
Yes, all Boslil clients are required to complete a CRS self-certification form. In the instance where a joint account is held, each individual will need to complete a copy of this form.
The term “Reportable Account” means an account held by one or more Reportable Persons or by a Passive Non-Financial Entity (NFE) with one or more Controlling Persons that is a Reportable Person.
Boslil is not at liberty to provide tax advice, however, if you have any questions on how to define your tax residency status, please visit the OECD website or speak to a professional tax adviser.
If your account has been deemed reportable based on OECD regulations, Boslil will automatically report in accordance with OECD guidelines. Further information can be found at https://www.oecd.org/tax/automatic-exchange/.
Boslil’s actions as they relate to CRS, will be in strict compliance with the local regulations and legal framework of the countries in which we operate.
I have submitted Foreign Account Tax Compliance Act (FATCA) documentation, do I also need to submit CRS documentation?