The main differences between FATCA and the CRS regarding which Financial Institutions 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 U.S. Person |
| Reportable Account | U.S. Reportable Account |
