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Advent of CRS means private banks and tax authorities must develop close ties, says tech vendor

Given that private banks must keep tabs on their clients’ account information for common reporting standard (CRS) purposes, as of 1 July, banks must have sound communication channels in place with local tax authorities, according to a tech vendor. While private banks in Hong Kong previously dealt primarily with the HKMA and SFC, the Inland Revenue Department has now come…

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