CRS requires Financial Institutions to:
1) Identify customers for whom one of the following CRS indicia appears:
• Address (mailing, residence, post office box or care-of) in a CRS jurisdiction;
• Telephone number from a CRS jurisdiction that is the only telephone number;
• Standing instructions from their ING account to an account maintained in a CRS jurisdiction;
• Power of attorney on their account granted to a person with a CRS jurisdiction address (mailing, residence, post office box or care-of):
2) Document customers with CRS indicia. This means customers have to sign a self-certification form to confirm their CRS tax residence(s).
3) Report the following information:
• the identity and identification information of the CRS tax resident;
• their accounts and account balances;
• the financial income on these accounts, including gross proceeds;
The first reporting occured in 2017 and covered the year 2016.