CRS and Automatic Exchange of Information: Issues for the Wealth Management Industry

As part of the fight against tax eva­sion, the Euro­pean Union, like the Unit­ed States and some one hun­dred OECD coun­tries, has set up an auto­mat­ic infor­ma­tion exchange sys­tem (EAI, also known as Com­mon Report­ing Stan­dard or CRS) via col­lec­tion by finan­cial insti­tu­tions (in the broad sense, i. e. banks, insur­ance com­pa­nies, asset man­agers, invest­ment…