CRS & FATCA reporting obligations deadline for 2022Salvus Team
The Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) are annual regulatory reporting obligations that financial institutions operating globally, including in Cyprus, must comply with.
Both the CRS and FATCA reporting obligations were introduced in Cyprus in 2014 to help improve international tax compliance. Moreover, the CRS has been established as a global standard to facilitate the automatic exchange of financial information. On the other hand, FATCA is concerned with enhancing reporting and compliance measures of US investors who are engaged with foreign financial institutions such as Cyprus Investment Firms (CIF), Crypto-Asset Services Providers (CASP), or Alternative Investment Funds (AIF).
Furthermore, all financial institutions regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Central Bank of Cyprus (CBC) are obliged to meet the CRS and FATCA regulatory reporting obligations by the 30th of June.
The Regulatory Compliance team at SALVUS is dedicated to offering regulatory solutions to CIF and other CySEC regulated entities as well as CBC regulated banks and Payment and Electronic Money Institutions. Hence, through FINVUS, the regulatory technology (RegTech) firm, we are able to offer firms regulatory solutions to both the CRS and FATCA regulatory reporting obligations.
*It is important to note that all Cyprus financial institutions must submit the FATCA report, regardless of the firms having US clients.