CRS & AEOI Glossary: Key Terms & Definitions

Key CRS & AEOI Terms

Explore our CRS and AEOI glossary for clear definitions of key terms used in the Common Reporting Standard and Automatic Exchange of Information. Understand terminology relating to financial institutions, reportable accounts, tax residency, self-certification, due diligence and the international exchange of financial account information.

OECD

Organization for Economic Co-operation and Development (OECD) is an international organization that develops policies, standards and guidance on economic, social and tax matters. In the context of AEOI, the OECD developed the CRS and provides guidance supporting its implementation by participating jurisdictions.

AEOI

Automatic Exchange of Information (AEOI) is an international framework under which participating jurisdictions automatically exchange specified financial account information with one another to support tax compliance and combat cross-border tax evasion.

Common Reporting Standard (CRS)

The OECD standard for the automatic exchange of financial account information between tax authorities. Financial institutions in participating jurisdictions identify account holders who are tax resident elsewhere and report their account information to the local tax authority, which exchanges it with the account holder's country of residence.

Controlling Person

Under CRS, the individuals who exercise control over an entity account holder, generally its beneficial owners. For passive non-financial entities, financial institutions must identify controlling persons and report those who are reportable persons.

Reportable Person

Under CRS, an individual or entity that is tax resident in a reportable jurisdiction, other than excluded entities such as listed corporations, governmental entities and financial institutions.

Crypto-Asset Reporting Framework (CARF)

The OECD framework for the automatic exchange of information on crypto-asset transactions. It requires crypto-asset service providers to collect self-certifications from their users and report transactions to tax authorities, which exchange the information internationally.

DAC7

The EU directive requiring digital platform operators to collect information on sellers using their platforms and report it to EU tax authorities.

DAC8

The EU directive that implements crypto-asset reporting in the EU, broadly aligned with CARF, and extends automatic exchange of information to crypto-asset service providers.