THE TREATMENT OF TRUSTS UNDER THE COMMON REPORTING STANDARD: A BRIEF OVERVIEW
In general, a trust is affected by the Common Reporting Standard (CRS) when it is categorized as either a reporting financial institution (FI) or a non-financial entity (NFE) that maintains a financial account with a reporting FI. Reporting FIs have a duty to report either their “account holders” or the “controlling persons” if their account […]
