The main differences between FATCA and the CRS regarding which FIs 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:
| Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 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 US Person |
| Reportable Account | US Reportable Account |
For more information:
- AEOI homepage
- Differences between FATCA and CRS?
- How does FATCA reporting work?
- How does CRS reporting work?
- AEOI Administrative penalties
Need more help?
Should you need more help, please send an email to 3rd Party Data Support: [email protected].
