Common Reporting Standard Year One: Key Takeaways for MENA's Finance Industry
With the implementation of Common Reporting Standard (CRS)
being an internationally agreed standard for the Automatic Exchange of Information (AEOI), Financial Institutions within the Wave 2 adopter countries will
need a strategy for staying up to date with their CRS requirements. Financial
Institutions are faced with the challenge of ensuring their due diligence
process for AEOI follows a common standard which involves robust requirements
Implementation of the AEOI self-certification and due
diligence process and reporting comprises numerous challenges, especially so for Financial
Institutions spanning multiple jurisdictions. Keeping in mind CRS due
diligence timelines, we have identified real-life challenges Financial
Institutions have faced during the first year of implementation and what challenges lie ahead for MENA Financial Institutions.
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