Getting It Right - CRS Compliance

Key Requirements

The source links registration, due diligence and reporting duties to a compliance framework with desired outcomes. Internal policies and systems should support classification of new and pre-existing individual and entity accounts, collection of residence evidence and accurate reportable data. IRAS recommends periodic review using its self-assessment toolkit and applies risk-based reviews and audits. Responsibility should be assigned across onboarding, operations and reporting, with changes and exceptions documented. A technically accepted file does not by itself demonstrate that every account was correctly classified or that due diligence was complete.