6th reporting year of Common Reporting Standard (CRS) systems

On 31 March 2023, we completed the 6th reporting year for the Common Reporting Standard (CRS) in New Zealand.

Overall, we have been very pleased with the efforts made by financial institutions, both large and small, to register with us and then provide complete and accurate reporting of financial account information under the CRS.

It is important to periodically review systems put in place, especially if these systems were put in place over 6 years ago.

In this regard, there are 12 issues worth revisiting by financial institutions at this time to ensure your systems continue to remain fit for purpose.

CRS reporting year end checklist