Joint IOTA - Global Forum Training Event on Verifying Compliance with CRS-AEOI Obligations
The IOTA and the Global Forum organise and deliver training event to support their mutual members in the effective implementation of the CRS-AEOI standard by developing in-depth and sustainable capacities on how to verify that Financial Institutions comply with their reporting, due diligence and record-keeping obligations in practice.
Public information
In 2014, the Standard for Automatic Exchange of Financial Account Information in Tax Matters (CRS-AEOI) was developed by the Organisation for Economic Cooperation and Development (OECD), working with G20 countries, and subsequently endorsed by the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum).
The Global Forum monitors the effective delivery of the CRS-AEOI commitments through a peer review process against Terms of Reference (ToR). An initial review of the effective implementation of the CRS-AEOI standard was carried out in 2021-2022 based on the ToR adopted in 2018. The purpose of the initial peer review was to establish a baseline review and did not involve an on-site visit. Since 2023, a deeper peer review has been carried out against the ToR as amended in 2022, which will lead to the assignment of a compliance rating in 2025. Most of the IOTA’s members have implemented the CRS-AEOI and are undergoing the peer reviews of the Global Forum.
One of the key aspects of the effective implementation of the CRS-AEOI standard is ensuring that Financial Institutions comply with their reporting, due diligence and record-keeping obligations. This requires jurisdictions to conduct effective compliance and enforcement activities. The supervision of the compliance of Financial Institutions with their CRS-AEOI obligations has been a challenging area for many committed jurisdictions.
In this context, the IOTA and the Global Forum organise and deliver a practical training event to support their mutual members in ensuring the effective compliance of Reporting Financial Institutions with their CRS-AEOI obligations.
The objective of the training event is to support jurisdictions in effectively implementing the CRS-AEOI standard by developing in-depth and sustainable capacities on how to verify that Financial Institutions comply with their reporting, due diligence and record-keeping obligations in practice.
This practical training will assist jurisdictions in preparing for their deeper effectiveness reviews, which particularly require jurisdictions to periodically carry out verification activities on Reporting Financial Institutions.