The Foreign Account Tax Compliance Act (FATCA) enacted by the United States of America (U.S.) is intended to curb tax evasions by U.S. persons holding financial accounts outside U.S. The first reporting under FATCA takes effect on June 2017. The Common Reporting Standard (CRS) on the other hand is part of a global standard proposed by the OECD, for the annual cross border exchange of information on financial accounts. The first reporting is due on June 2018. Because CRS shares a lot of similarities with FATCA, ARBM has introduced the FATCA/CRS form that is required to be completed by all existing and new customers of the bank.
For more information / other related forms on FATCA, please click here.
For more information on CRS please refer to this FAQ.