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 and procedures. 

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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