The Common Reporting Standard (CRS) has been amended to cover certain electronic money products and Central Bank Digital Currencies. Various terms have been redefined to include Crypto-Assets, including Financial Assets, Custodial Institution, Custodial Account, Depository Institution, and Investment Entity. To deal with the emergence of Crypto Assets, the OECD created a separate reporting framework for Crypto-Assets, known as the Crypto Asset Reporting Framework (CARF).
In addition, CRS has been amended in respect of certain due diligence and reporting matters, including the reporting of whether a valid Self-Certification has been obtained, whether the account is a joint account, requiring the identification of the role of Controlling Persons and Equity Interest holders, and the identification of the type of Financial Account held by the Account holder. In addition, the CRS Amendments created a new non-Reporting Financial Institution category for investment entities that are non-profit organizations, and a new Excluded Account category for capital contribution accounts. Finally, the language of certain FAQs has been added to the commentary. These amendments would need to be incorporated in local implementing legislation by the Participating Jurisdictions.