May 26, 2017
“Check with your bank what they have on record for you. Are they going to look at your passport or your residence?”
The Grid: With the introduction of the new Common Reporting Standard (CRS) into most GCC countries this year, many business families and banks will become busy dealing with this. How does CRS work and will it affect individuals in the GCC?
Deloitte: Broadly speaking, if you are resident in one jurisdiction and you have a financial account in another and both of those countries have signed up to the CRS, then the information about your financial account will be sent, annually, to the country in which you are resident.
The Grid: Which countries in the GCC have signed up?
“Banks still have to find a niche and stand out to win clients”
The Grid: Do you think wealthy families have aligned their mindset to the new status quo globally i.e. the inevitable shift towards more disclosure of information?
Pankaj Narain: The sense is that it is all too early at this stage for everybody to take in the entire impact of what’s going to come. At Hinduja Bank we have started speaking with clients on this subject. CRS will impact pretty much everybody with a bank account.
Have clients understood the whole piece? Perhaps not. My sense is that clients require an education process to get there. Our relationship managers are explaining to them why this is happening. All stakeholders have an important role to play, including the Regulators.
The Grid: How is the advent of the CRS beneficial to clients? Does the industry have their buy-in?