Differences between FATCA and CRS

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:

                                CRS FATCA
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

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