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Hong Kong AEOI Updates
With the Hong Kong Inland Revenue Department’s (HKIRD) onsite Common Reporting Standard (CRS) compliance inspection as their ongoing initiative, coupled with the implementation effectiveness agenda on CRS compliance from the Organisation for Economic Co-operation and Development (OECD) as well as the evolving regulatory framework introducing more due diligence and reporting requirements, there is no time better than the present for Hong Kong Reporting Financial Institutions (HKRFIs) to reevaluate their Automatic Exchange of Financial Account Information (AEOI) compliance programs.
In this AEOI Updates, we shall highlight the HKIRD’s key focus review areas in respect of CRS compliance via onsite inspections, as well as the upcoming legislation updates to the CRS.
HKRFIs which have incorporated CRS compliance as part of their Business-As-Usual since the launch of CRS in Hong Kong in 2017 should now be prepared to return to Project mode in order to stay compliant and competitive in the market.