The Common Reporting Standard regime, which many jurisdictions around the world (including the UK) have already implemented under local law with effect from 1 January 2016, imposes complex due diligence and reporting obligations on affected financial institutions. It also has implications for individuals and entities that are not financial institutions, as they may be requested to provide self-certifications about their tax residence and status under the regime to affected financial institutions in which they hold accounts. Financial institutions in jurisdictions that have implemented the regime should already have compliance programmes in place, whilst others in jurisdictions that have committed to implementing the regime in future should be preparing now.
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