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

18 July 2017 | 3 minutes read

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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