3. What is the relationship between Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA)?

CRS is the global equivalent of FATCA and therefore does not replace FATCA but works with FATCA to combat tax evasion and achieve global tax transparency. The CRS seeks to establish the tax residency of clients and identify jurisdictions in which the client has tax obligations. While FATCA requires tax reporting on US persons* only.

*For any defined terms please see the Table of terms and definitions.