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Common Reporting Standard (CRS) Assessment Report

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Introduction

This report provides an assessment of the compliance with the Common Reporting Standard (CRS) by reporting Bank and Financial Institutions (BDFI) in Brunei Darussalam. The CRS is an international standard for the automatic exchange of financial account information between jurisdictions.

Assessment Criteria

The assessment criteria are based on 12 elements, which include:

• Understanding of CRS
• Registration with the Revenue Division
• Due Diligence Procedures
• Account Holder Identification
• Electronic Record Search
• Paper Record Search
• Undocumented Accounts (CRS only)
• Obtaining and Validating Self-Certifications
• Reliance on AML/KYC Procedures
• Reporting Systems and Procedures
• Data Extraction and Report/Return Preparation
• Submission of Reports/Returns

Assessment Results

The report provides a summary of the assessment results for each element, indicating whether the BDFI has met the CRS requirements or not.

Risk Treatment

Based on the assessment results, the Revenue Division may design appropriate risk treatment measures to address gaps in compliance.

Monitoring

To monitor progress and ensure compliance, the Revenue Division will follow up with reporting BDFI and request further explanations and/or documentation. In cases where there are concerns about non-compliance, deterrent measures such as issuing warnings and imposing penalties may be taken.

Conclusion

The report concludes by encouraging voluntary compliance from reporting BDFI to effectively implement CRS requirements in Brunei Darussalam. The Revenue Division will provide necessary information and support to assist reporting BDFI with CRS obligations.