The main differences between FATCA and the CRS regarding which FIs must report are as follows:
|Issue||CRS versus FATCA IGA|
|Reporting nexus||CRS uses residence of the Entity while IGA uses residence or where organised|
|Investment Entity||Definition differs between CRS and IGA|
|Non-reporting FIs||IGA includes Exempt Beneficial Owners and Deemed Compliant FFIs and other categories not in the CRS|
There are some variations in terminology between FATCA and CRS. When the context requires, the following CRS terms should be read interchangeably with FATCA terms:
|Reporting Financial Institution (RFI)||Reporting South African Financial Institution|
|Non-Reporting Financial Institution||Non-Reporting South African Financial Institution|
|Non-Financial Entity (NFE)||Non-Financial Foreign Entity (NFFE)|
|Reportable Person||Specified US Person|
|Reportable Account||US Reportable Account|
For more information:
- AEOI homepage
- Differences between FATCA and CRS?
- How does FATCA reporting work?
- How does CRS reporting work?
- AEOI Administrative penalties
Need more help?
Should you need more help, please send an email to 3rd Party Data Support: [email protected].