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Kuwait Banks Mandated to Take the Necessary Procedures to Implement Common Reporting Standards (CRS)

Banks Mandated to Take the Necessary Procedures to Implement Common Reporting Standards (CRS)

On 15 July 2014 the CRS, an information standard for the Automatic Exchange of Information (AEoI) was developed and approved by the Organization for Economic Co-operation and Development (OECD) Council.

On 19 August 2016, the Government of the State of Kuwait represented by the Ministry of Finance (MoF) signed the Multilateral Competent Authority Agreement (MCAA) with the OECD for exchange of information for tax purposes. Pursuant to the MCAA, the Financial Institutions (FI’s) in Kuwait shall provide the MoF with financial information in accordance with the CRS.

In light of the above, on 22 February 2017 the MoF officially communicated the MCAA to the Central Bank of Kuwait (CBK) and instructed the CBK to inform all local FI’s to begin the process of gathering the required financial information in line with CRS.

The CBK in return instructed all banks operating in Kuwait, through circular number 2/BS/IBS/403/2017, to comply with the MOF letter of 22 February 2017 and the MCAA of 19 August 2016.

In order to assist banks in Kuwait to comply with the requirements of CRS, Baker Tilly Kuwait offers the following services:

  1. Preparing a GAP Analysis Report
  2. Developing CRS Policy and Procedures
  3. Providing ICT consulting services for CRS compliance
  4. Training Services
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