The Common Reporting Standard (CRS) is a standard developed by the Organization for Economic Co-operation and Development (OECD) for the automatic exchange of information between partner countries.

According to the Common Reporting Standard (CRS), the financial institutions of Georgia are obliged to provide information to the JSC Revenue Service of the Ministry of Finance of Georgia on the financial accounts of persons who are registered as tax residents of other countries participating in the agreement.

The Revenue Service will transfer the information received from financial institutions to the competent agencies of other countries participating in the agreement.

The Common Reporting Standard (CRS) requires a financial institution to collect and report the following information on the account holder:

  • The country of tax residency;
  • Name, surname of the consumer;
  • Tax payer’s identification number TIN (TAX IDENTIFICATION NUMBER);
  • City of residence;
  • Actual and legal address;
  • Accounts and currency;
  • Volume of balance (including deposits and interest accrued thereon)

The financial institution reserves the right to verify with the client any information provided by him /her to the bank, including to request or clarify the accuracy of the information.

To update the data, you can visit the desired service centre of Credo Bank.

For more information, please visit the link.