CRS

Introduction

The Common Reporting Standard (CRS) is a global framework developed by the Organisation for Economic Co-operation and Development (OECD) to promote financial transparency and combat tax evasion. CRS requires financial institutions to automatically exchange financial account information with tax authorities in participating jurisdictions.

At CBI Payment Platform, we are committed to complying with CRS regulations to ensure transparency, integrity, and accountability in all our financial transactions.

What is CRS?

The Common Reporting Standard (CRS) mandates that financial institutions:

• Identify reportable accounts held by foreign tax residents.
• Collect and verify tax residency information of account holders.
• Report relevant financial data to tax authorities for exchange with other jurisdictions.

CRS applies to banks, fintech companies, investment entities, and other financial service providers that hold customer financial accounts.

CBI Payment Platform’s Compliance Approach

1. Customer Due Diligence (CDD)

We implement robust Know Your Customer (KYC) and due diligence procedures to:

• Identify and verify account holders’ tax residency status.
• Collect necessary self-certification forms from customers.
• Assess account information to determine reportable persons.

2. Data Collection and Reporting

Our platform ensures accurate and secure data collection, including:

• Customer identity details (name, address, tax identification number).
• Account balances, transaction history, and financial assets.
• Reporting financial information to the relevant tax authorities in compliance with CRS regulations.

3. Secure and Confidential Data Handling

CBI Payment Platform follows strict data protection policies to ensure:

• Compliance with GDPR and local data protection laws.
• Secure storage and encryption of financial information.
• Restricted access to sensitive customer data only by authorized personnel.

Customer Obligations Under CRS

As part of compliance, our customers are required to:

• Provide accurate tax residency information during account setup.
• Submit self-certification forms as requested.
• Update any changes in their tax residency status promptly.

Failure to provide accurate information may result in account restrictions or reporting obligations to tax authorities.

Conclusion

CBI Payment Platform is fully committed to adhering to CRS regulations to foster financial transparency and regulatory compliance. Our customers can trust us to handle financial data with the highest security standards while ensuring compliance with global tax reporting obligations.

For more details, please contact our Compliance Team or visit the OECD CRS Guidelines.

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