The full impact of the CRS is yet to come, but FIs must be prepared to move into an era of transparency.
London, 20 November 2018 – The CRS is an initiative to get jurisdictions to automatically exchange a common set of annually gathered data from their financial institutions about offshore account holders. Since the CRS was approved by the Organisation for Economic Co-operation and Development on July 15, 2014, over 100 jurisdictions have signed up to participate. Preparation for the directive has increased both administrative tasks and costs for wealth managers and private banks, and has changed the very nature of offshore wealth management across jurisdictions.
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Clients of Aite Group’s Wealth Management service can download this 10-page Impact Brief.