Process Of Common Reporting Standards (CRS)
Process Of Common Reporting Standards (CRS)
The DIFC CRS is administered by the Registrar of Companies (“Registrar”) for all entities subject to DIFC CRS.
Reporting requirements primarily concern financial services entities that are regulated by the DFSA, but certain non-financial services entities may be required to report under the DIFC CRS as well.
It is important that companies do correct interpretation of the law and apply it to be in compliance.
CRS as a reporting regime covers a broad scope across three dimensions:
- The scope of financial information reported.
- The scope of account holders subject to reporting.
- The scope of financial institutions required to report.
For clarification on this matter, you may reach us and we shall be happy to extend support.
