CRS 2.0
Common Reporting Standard 2.0
What is CRS 2.0?
CRS 2.0 is the updated version of CRS. Its goal is to ensure that financial institutions report relevant financial accounts with complete tax residency data, so tax authorities can exchange that data internationally.
CRS used to be a bank-only report. Payment institutions (PIs) and e-money institutions (EMIs) are now in scope for the first time.
What is the Common Reporting Standard (CRS)?
The Common Reporting Standard (CRS) is an OECD framework for the automatic exchange of financial account information (AEOI) between tax authorities. The OECD (Organisation For Economic Co-Operation & Development) is the global standard-setter for automatic exchange of information.
CRS2 and Crypto: What is CARF?
CARF is a separate report from CRS 2.0, introduced alongside it. CARF is the OECD Crypto-Asset Reporting Framework. It requires crypto-asset service providers (CASPs) to report on their users and those users’ in-scope transactions. Tax authorities use this data to enforce tax compliance and exchange it internationally.
CRS 2.0 in the EU: DAC8
DAC8 is the EU legislation that makes reporting compulsory across all 27 member states. DAC8 also updates DAC2, the EU legislation that implemented CRS, so that it reflects CRS 2.0. This means DAC8 covers both CRS 2.0 and CARF in the EU.
When is CRS 2.0 Reporting Due?
2026 is the data year and 2027 is the reporting year. Data is filed in XML.
- UK: CRS 2.0 and CARF are both due by 31 May 2027.
- Ireland: CARF is due 31 May 2027 and CRS 2.0 is due 30 June 2027.
- EU: 2027, with the date set by each member state.
What Data Do You Need to Report for CRS 2.0?
- Accounts / Wallets: Account ID, product type, open/closed status, year-end balance and reportable income
- Individuals: Name, address, DOB (and place of birth if required), self-certification, all tax residences and TINs, or a reason code if no TIN
- Corporates: Entity name, address, self-certification, CRS classification, and each controlling person’s details (name, address, DOB, residences, TINs) and role
How to Prepare for CRS 2.0 Reporting
New customers
- Capture a tax self-certificate with KYC and AML data. It must include all tax residences and a TIN per country.
- Validate it against the information on file.
- Tag the customer by tax residence, not nationality, and monitor for changes.
- A new address or phone number in another jurisdiction can signal a change in tax residence, so trigger a tax refresh.
- If the customer cannot self-certify or provide a TIN, a valid response is not to open the account.
Existing customers
- Run a gap analysis to find missing TINs and self-certificates.
- Contact the customer and log the outreach.
- If there is no reply, report based on indicia, such as a Spanish phone number on an Irish firm’s customer.
- Set out in policy, before any outreach starts, when you will restrict or exit a customer.
Data
- Tag each account to the correct branch. Each branch files separately under CRS 2.0.
- For CARF, tag transaction categories correctly so annual totals are right.
- Validate TINs in bulk, or add a TIN validator to onboarding.
- Make the extract repeatable, not a one-off query.
Timeline
- Scope, and get tax registrations in place 12 to 16 weeks out.
- At 12 weeks, the data team starts extracting data.
- At 4 to 6 weeks, the data team hands it to the reporting team.
- At 1 to 2 weeks, the reporting team populates the report and generates the XML file.
File CRS 2.0 without the headache
From raw customer data to validated, submission-ready reports, we manage it all.
Connect your data
Upload raw files or connect to your existing systems, with no manual data entry.
Errors, in plain-English
Real-time error messages flag inconsistent or missing data before submission.
TIN validation
Built-in TIN validation against OECD requirements across jurisdictions.
Generate compliant XML
Automatically generate your data into the required CRS reporting format.
Submit via API
Submit directly to the relevant tax authority where API submission is supported.
Enterprise features
Built-in approvals, local entity and group view, and a full audit trail.
FAQ
CRS 2.0 is the updated version of the Common Reporting Standard (CRS). It expands due diligence requirements and brings payment firms and e-money firms into scope for the first time.
The Common Reporting Standard (CRS) is an OECD standard for the automatic exchange of information (AEOI). Firms report to their local tax authority, which handles the onward exchange to other tax authorities.
CARF is the OECD Crypto-Asset Reporting Framework, a separate report introduced alongside CRS 2.0. It requires crypto-asset service providers to report on their users and those users’ in-scope transactions. CARF covers crypto-assets and excludes CBDCs and specified e-money products, which CRS 2.0 covers, with explicit provisions to avoid double counting.
DAC8 is EU legislation that applies to all 27 member states. It brings CARF into EU law and updates DAC2 to reflect CRS 2.0.
CRS is a global standard, and participating jurisdictions sign up to the OECD standard and then legislate it locally. Customers can be resident anywhere. For example, an Irish EMI can report a Canadian resident to Irish Revenue, which handles the onward exchange to Canada.
FATCA is a US law that covers US tax residency on a bilateral basis between the US and each partner country. CRS is an OECD framework that covers tax residency in every participating jurisdiction on a multilateral basis.
Reporting financial institutions need to comply with CRS 2.0, and for 2.0 that firmly includes payment institutions (PIs) and e-money institutions (EMIs). The test is whether the product can store value. Crypto-asset service providers report separately under CARF.
CRS 2.0 reporting is due in 2027, covering data collected in 2026. The UK deadline is 31 May 2027, Ireland’s is 30 June 2027, and EU member states set their own dates.
