CRS reporting deadlines for Financial Institutions are fast approaching

The reporting deadlines for Financial Institutions to file their 2018 Common Reporting Standard (CRS) reports are fast approaching. Financial Institutions should now be in the process of preparing the reportable account information for submission to their regulators.   

The following table summarizes the CRS reporting deadlines across the Middle East region.

* These deadlines are as per country legislation, however extensions may be provided - e.g. Bahrain requires CRS data to be ready for reporting by 1 June 2018.  

We are well aware that several jurisdictions have not yet granted Financial Institutions access to their respective reporting portals, however this should not deter businesses from preparing their reports, as we understand that these will soon become available but it will only be for a short time period.

It is also important to note that most jurisdictions have enforced fines and penalties for reporting inaccurate/incomplete information. Therefore, it is vital to make sure that the reportable data is identified, compiled and validated from now, in order to avoid any potential issues with the authorities.

Summary of CRS Implications on Financial Institutions

To help Financial Institutions best prepare, we have summarized below the steps that should be taken immediately to ensure compliance:

1.   Confirm CRS entity classification;

2.   Determine impacted products/services;

3.   Identify new reportable accounts;

4.   Complete due diligence for pre-existing accounts;

5.   Prepare for reporting; and

6.   Develop and implement a CRS compliance framework.

For more information on the FATCA & CRS compliance requirements in the Middle East, please click here.