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CRS

The standard automatic exchange of financial account information in tax matters, known as the Common Reporting Standards (“CRS”), will implement an automatic disclosure of the identity and details of the ultimate beneficial owners of the bank accounts to their home country, foreign local tax authorities. The Domestic tax authorities will automatically and systematically receive information about their residents who are holding, directly or indirectly through legal arrangements or entities, assets offshore without having to identify by themselves these residents, their assets, the holding financial institutions nor the countries where the financial assets are being held. It is then crucial to be in compliance with CRS. (www.oecd.org >tax>automatic-exchange).