Implementation of the Common Reporting Standard

07.07.2017

Effective

immediately

upon request from Clearstream Banking1, customers will be required to provide valid Common Reporting Standard (CRS) documentation. Customers that are contacted by Clearstream Banking are responsible for completing and providing the required CRS documentation via the Clearstream CRS self-certification forms aligned with industry standards established by the Business and Industry Advisory Committee to the Organisation for Economic Co-operation and Development (OECD). CRS self-certification forms have been required since 1 January 2016 for all new account openings.

Customers contacted by Clearstream Banking and failing to provide the requested self-certification before the communicated deadline will be reported as “undocumented” to the respective tax authorities.

For more information, please visit our Common Reporting Standard web page.

Background

The CRS was designed by the OECD to be a standardised approach for identifying and reporting information about certain non-resident taxpayers (individuals and entities) that will be transmitted automatically to the fiscal authorities in their official country of tax residency.

CRS defines new reporting and due diligence obligations for financial institutions effective as of 1 January 2016. The first exchange of information will take place in September 2017 for the reporting year 2016.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking Frankfurt (CBF) customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.